Bank of New York Mellon Corp Raises Holdings in Sonoco Products (NYSE:SON)

Bank of New York Mellon Corp raised its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 0.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,107,635 shares of the industrial products company's stock after purchasing an additional 9,899 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.13% of Sonoco Products worth $54,108,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. IFP Advisors Inc lifted its holdings in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after purchasing an additional 243 shares during the last quarter. Wedmont Private Capital lifted its holdings in Sonoco Products by 3.9% during the 4th 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 during the last quarter. Pallas Capital Advisors LLC lifted its holdings in Sonoco Products by 6.4% during the 4th 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 during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in Sonoco Products by 13.9% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company's stock valued at $130,000 after purchasing an additional 289 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in shares of Sonoco Products by 2.2% during the fourth quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock worth $688,000 after buying an additional 298 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

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Insider Buying and Selling at Sonoco Products

In related news, Director John R. Haley acquired 3,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average cost of $46.76 per share, with a total value of $140,280.00. Following the completion of the purchase, the director now directly owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred on Tuesday, January 7th. The stock was 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 directly owns 16,065 shares in the company, valued at approximately $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.51% of the company's stock.

Sonoco Products Price Performance

Shares of NYSE SON traded up $0.90 during mid-day trading on Friday, reaching $47.80. The company had a trading volume of 652,987 shares, compared to its average volume of 820,334. 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 has a one year low of $44.35 and a one year high of $61.73. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 28.97, a PEG ratio of 0.76 and a beta of 0.61. The business's 50-day simple moving average is $47.59 and its 200 day simple moving average is $50.85.

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

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products's dividend payout ratio is presently 126.06%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SON. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Wells Fargo & Company dropped their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Truist Financial dropped their target price on Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a report on Friday, February 21st. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday. Finally, Citigroup dropped their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $58.50.

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.