101,812 Shares in Sonoco Products (NYSE:SON) Acquired by Bank of Nova Scotia

Bank of Nova Scotia acquired a new stake in shares of Sonoco Products (NYSE:SON - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 101,812 shares of the industrial products company's stock, valued at approximately $4,974,000. Bank of Nova Scotia owned about 0.10% of Sonoco Products as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SON. Wilmington Savings Fund Society FSB acquired a new stake in Sonoco Products in the 3rd quarter worth $71,000. Principal Securities Inc. boosted its holdings in Sonoco Products by 35.0% during the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock valued at $66,000 after purchasing an additional 351 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock valued at $84,000 after purchasing an additional 1,297 shares during the period. Albion Financial Group UT acquired a new stake in Sonoco Products in the 4th quarter valued at $84,000. Finally, GAMMA Investing LLC grew its position in Sonoco Products by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company's stock valued at $154,000 after acquiring an additional 798 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Bank of America lifted their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, January 6th. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Truist Financial reduced their price objective on Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Wells Fargo & Company lowered their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research note on Monday, February 24th. Finally, Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $58.50.

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Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 3,000 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was bought at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the acquisition, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares of the company's stock, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company's stock.

Sonoco Products Stock Down 0.3 %

SON stock traded down $0.13 during mid-day trading on Tuesday, reaching $44.00. 591,531 shares of the company traded hands, compared to its average volume of 741,819. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The firm's 50 day moving average price is $46.20 and its 200 day moving average price is $49.05. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 26.67, a P/E/G ratio of 0.76 and a beta of 0.64. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.67 billion. As a group, equities research analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's payout ratio is presently 126.06%.

About Sonoco Products

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.