Brandes Investment Partners LP Increases Position in Sonoco Products (NYSE:SON)

Brandes Investment Partners LP lifted its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 55.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,579 shares of the industrial products company's stock after purchasing an additional 6,259 shares during the quarter. Brandes Investment Partners LP's holdings in Sonoco Products were worth $859,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Janney Montgomery Scott LLC boosted its position in shares of Sonoco Products by 2.8% during the 3rd quarter. Janney Montgomery Scott LLC now owns 18,333 shares of the industrial products company's stock worth $1,002,000 after purchasing an additional 507 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of Sonoco Products by 12.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 37,111 shares of the industrial products company's stock worth $2,027,000 after buying an additional 3,992 shares during the period. Curi RMB Capital LLC grew its stake in shares of Sonoco Products by 2.4% in the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company's stock valued at $709,000 after buying an additional 304 shares in the last quarter. ING Groep NV acquired a new stake in shares of Sonoco Products in the third quarter valued at $1,164,000. Finally, OneDigital Investment Advisors LLC purchased a new stake in shares of Sonoco Products in the 3rd quarter valued at $210,000. 77.69% of the stock is owned by institutional investors and hedge funds.

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Sonoco Products Stock Down 1.1 %

Shares of SON traded down $0.53 during mid-day trading on Thursday, reaching $47.86. The company's stock had a trading volume of 1,086,470 shares, compared to its average volume of 837,709. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. Sonoco Products has a 12-month low of $44.35 and a 12-month high of $61.73. The stock has a market cap of $4.72 billion, a PE ratio of 29.01, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company's 50 day moving average is $47.34 and its 200 day moving average is $50.41.

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

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.35%. The ex-dividend date was Wednesday, February 26th. Sonoco Products's dividend payout ratio is presently 126.06%.

Analysts Set New Price Targets

SON has been the subject of a number of research analyst reports. Truist Financial lowered 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 upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Bank of America increased their target price on shares of 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 price target on shares of 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 reduced their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. One research 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. According to data from MarketBeat, Sonoco Products has a consensus rating of "Hold" and an average price target of $58.50.

Insiders Place Their Bets

In other news, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares of the company's stock, valued at approximately $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John R. Haley bought 3,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. 0.51% of the stock is owned by insiders.

Sonoco Products 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.