Bridgewater Associates LP Cuts Position in Sonoco Products (NYSE:SON)

Bridgewater Associates LP decreased its position in shares of Sonoco Products (NYSE:SON - Free Report) by 79.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,913 shares of the industrial products company's stock after selling 31,370 shares during the quarter. Bridgewater Associates LP's holdings in Sonoco Products were worth $387,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Arizona State Retirement System lifted its position in shares of Sonoco Products by 0.8% in the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock valued at $1,393,000 after acquiring an additional 224 shares in the last quarter. IFP Advisors Inc lifted its holdings in Sonoco Products by 3.6% in the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after purchasing an additional 243 shares in the last quarter. Wedmont Private Capital lifted its holdings in Sonoco Products by 3.9% in the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock worth $306,000 after purchasing an additional 247 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Sonoco Products by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after purchasing an additional 270 shares during the period. Finally, Pallas Capital Advisors LLC grew 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 buying an additional 284 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Insider Activity

In other news, CEO R. Howard Coker acquired 20,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The stock was purchased 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 $22,237,026.50. The trade was a 4.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John R. Haley bought 3,000 shares of the company's stock in a transaction on Thursday, February 27th. The shares were acquired at an average price 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 $867,772.08. This represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.74% of the company's stock.

Analyst Upgrades and Downgrades

SON has been the subject of a number of research reports. Truist Financial dropped their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday. Bank of America increased their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a report on Monday, January 6th. Jefferies Financial Group initiated coverage on Sonoco Products in a report on Tuesday. They issued a "buy" rating and a $62.00 target price on the stock. Raymond James dropped their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Citigroup lowered their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.43.

Sonoco Products Trading Up 2.4 %

NYSE:SON traded up $1.08 during midday trading on Thursday, hitting $46.42. 511,780 shares of the company traded hands, compared to its average volume of 748,683. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm's fifty day moving average is $45.73 and its 200-day moving average is $48.64. The firm has a market capitalization of $4.58 billion, a P/E ratio of 28.13, a P/E/G ratio of 0.76 and a beta of 0.64. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last issued 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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. On average, sell-side analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.57%. The ex-dividend date is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is 128.48%.

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.