Empowered Funds LLC Sells 39,379 Shares of Sonoco Products (NYSE:SON)

Empowered Funds LLC reduced its position in shares of Sonoco Products (NYSE:SON - Free Report) by 80.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,694 shares of the industrial products company's stock after selling 39,379 shares during the period. Empowered Funds LLC's holdings in Sonoco Products were worth $474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SON. Kingsview Wealth Management LLC raised its holdings in shares of Sonoco Products by 17.0% during the 4th quarter. Kingsview Wealth Management LLC now owns 169,340 shares of the industrial products company's stock worth $8,272,000 after buying an additional 24,607 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Sonoco Products by 40.1% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,970 shares of the industrial products company's stock worth $829,000 after acquiring an additional 4,860 shares in the last quarter. Centennial Wealth Advisory LLC lifted its holdings in shares of Sonoco Products by 15.0% in the fourth quarter. Centennial Wealth Advisory LLC now owns 6,530 shares of the industrial products company's stock worth $319,000 after acquiring an additional 851 shares during the last quarter. Meadow Creek Wealth Advisors LLC acquired a new stake in shares of Sonoco Products in the 4th quarter valued at approximately $11,672,000. Finally, Private Management Group Inc. grew its holdings in shares of Sonoco Products by 27.7% during the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock valued at $28,547,000 after purchasing an additional 126,867 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the business's stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now directly owns 16,065 shares of the company's stock, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.51% of the company's stock.

Sonoco Products Trading Up 1.4 %

Shares of SON traded up $0.64 during mid-day trading on Friday, reaching $46.88. 974,004 shares of the company were exchanged, compared to its average volume of 770,502. The business has a 50 day simple moving average of $48.12 and a two-hundred day simple moving average of $51.02. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The stock has a market capitalization of $4.61 billion, a PE ratio of 28.41, a PEG ratio of 0.76 and a beta of 0.67. Sonoco Products has a 52 week low of $44.35 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) 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 firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. On average, analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a dividend of $0.52 per share. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a yield of 4.44%. Sonoco Products's dividend payout ratio (DPR) is currently 126.06%.

Wall Street Analysts Forecast Growth

SON has been the subject of several research reports. 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 research note on Monday, January 6th. Wells Fargo & Company cut their price objective on Sonoco Products from $52.00 to $50.00 and set an "underweight" rating on the stock in a report on Monday, January 6th. StockNews.com cut Sonoco Products from a "buy" rating to a "hold" rating in a report on Thursday. Robert W. Baird cut their price target on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Finally, Truist Financial cut their target price on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $58.83.

About Sonoco Products

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.