California Public Employees Retirement System Sells 7,830 Shares of Sonoco Products (NYSE:SON)

California Public Employees Retirement System reduced its position in shares of Sonoco Products (NYSE:SON - Free Report) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,704 shares of the industrial products company's stock after selling 7,830 shares during the period. California Public Employees Retirement System owned 0.17% of Sonoco Products worth $7,997,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SON. Norges Bank acquired a new position in shares of Sonoco Products in the fourth quarter worth about $60,984,000. Nordea Investment Management AB lifted its position in Sonoco Products by 63.2% in 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 last quarter. Meadow Creek Wealth Advisors LLC acquired a new position in Sonoco Products during the 4th quarter valued at about $11,672,000. FMR LLC grew its position in Sonoco Products by 70.1% in the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company's stock worth $30,571,000 after purchasing an additional 230,709 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Sonoco Products by 312.1% in the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company's stock valued at $10,126,000 after purchasing an additional 140,370 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

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Sonoco Products Trading Up 1.9 %

Sonoco Products stock traded up $0.83 during midday trading on Friday, hitting $43.32. 588,285 shares of the stock were exchanged, compared to its average volume of 741,125. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $61.73. The company has a fifty day simple moving average of $46.28 and a two-hundred day simple moving average of $49.15. The stock has a market capitalization of $4.27 billion, a PE ratio of 26.25, a P/E/G ratio of 0.76 and a beta of 0.64.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were paid a $0.52 dividend. The ex-dividend date was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.80%. Sonoco Products's dividend payout ratio (DPR) is presently 126.06%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SON shares. Truist Financial reduced their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a report on Friday, February 21st. Citigroup lowered their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Wells Fargo & Company cut their price target on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, Bank of America upped their target price on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $58.50.

Insiders Place Their Bets

In other Sonoco Products news, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, with a total value of $922,000.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John R. Haley bought 3,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were bought at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the acquisition, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.74% of the company's stock.

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.