Raymond James Financial Inc. Takes Position in Sonoco Products (NYSE:SON)

Raymond James Financial Inc. acquired a new stake in Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 123,074 shares of the industrial products company's stock, valued at approximately $6,012,000. Raymond James Financial Inc. owned approximately 0.13% of Sonoco Products as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of SON. Arizona State Retirement System boosted its position in Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after purchasing an additional 224 shares in the last quarter. IFP Advisors Inc raised its position in Sonoco Products by 3.6% during the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after acquiring an additional 243 shares during the period. Wedmont Private Capital lifted its holdings in Sonoco Products by 3.9% during the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock valued at $306,000 after purchasing an additional 247 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in Sonoco Products by 6.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock valued at $230,000 after purchasing an additional 284 shares in the last quarter. Finally, Park Avenue Securities LLC grew its position in shares of Sonoco Products by 2.2% in the fourth quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock valued at $688,000 after purchasing an additional 298 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

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Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the business's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John R. Haley acquired 3,000 shares of Sonoco Products stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares of the company's stock, valued at approximately $867,772.08. This represents a 19.28 % increase in their position. The disclosure for this purchase can be found here. 0.51% of the stock is owned by corporate insiders.

Sonoco Products Trading Down 0.4 %

Shares of SON stock traded down $0.18 during trading on Friday, hitting $46.70. 521,666 shares of the stock traded hands, compared to its average volume of 717,350. The firm has a market capitalization of $4.61 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. Sonoco Products has a 52-week low of $44.36 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The firm's fifty day moving average price is $47.34 and its 200-day moving average price is $50.10.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $1.67 billion. As a group, research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were issued a $0.52 dividend. The ex-dividend date was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.45%. Sonoco Products's dividend payout ratio is presently 126.06%.

Wall Street Analysts Forecast Growth

SON has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a report on Monday, February 24th. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Citigroup dropped their price objective 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. Finally, Truist Financial lowered their target price on Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Hold" and an average target price of $58.50.

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.