Dark Forest Capital Management LP Purchases Shares of 8,522 Sonoco Products (NYSE:SON)

Dark Forest Capital Management LP acquired a new position in shares of Sonoco Products (NYSE:SON - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,522 shares of the industrial products company's stock, valued at approximately $416,000.

Several other large investors have also recently bought and sold shares of SON. Cooper Creek Partners Management LLC bought a new stake in shares of Sonoco Products during the fourth quarter worth $78,203,000. Norges Bank bought a new stake in Sonoco Products during the 4th quarter worth about $60,984,000. Nordea Investment Management AB lifted its position in Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock valued at $55,181,000 after purchasing an additional 437,128 shares during the period. Wellington Management Group LLP bought a new position in shares of Sonoco Products in the 4th quarter valued at about $15,533,000. Finally, Meadow Creek Wealth Advisors LLC bought a new position in shares of Sonoco Products in the 4th quarter valued at about $11,672,000. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Trading Up 0.5 %

SON stock traded up $0.25 during midday trading on Tuesday, hitting $46.70. 872,187 shares of the company's stock were exchanged, compared to its average volume of 752,864. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The stock's fifty day moving average price is $45.67 and its 200-day moving average price is $48.41. The company has a market cap of $4.61 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business's revenue was up 30.6% on a year-over-year basis. During the same period last year, the business earned $1.12 earnings per share. Research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be given a dividend of $0.53 per share. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 annualized dividend and a dividend yield of 4.54%. Sonoco Products's dividend payout ratio is currently 128.48%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SON. Jefferies Financial Group started coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Wells Fargo & Company cut their price target on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research note on Monday, February 24th. Bank of America raised their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Truist Financial dropped their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Raymond James reduced their target price on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $56.43.

Insider Buying and Selling

In other Sonoco Products news, CEO R. Howard Coker acquired 20,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares of the company's stock, valued at $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Company Profile

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.