Guggenheim Capital LLC Reduces Stock Position in Sonoco Products (NYSE:SON)

Guggenheim Capital LLC trimmed its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 85.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,310 shares of the industrial products company's stock after selling 61,357 shares during the period. Guggenheim Capital LLC's holdings in Sonoco Products were worth $504,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in shares of Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after purchasing an additional 224 shares during the last quarter. IFP Advisors Inc lifted its holdings in Sonoco Products by 3.6% in the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after acquiring an additional 243 shares during the last quarter. Wedmont Private Capital lifted its holdings in Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock valued at $306,000 after acquiring an additional 247 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after acquiring an additional 270 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Sonoco Products by 6.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock valued at $230,000 after acquiring an additional 284 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Sonoco Products news, Director John R. Haley acquired 3,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average price of $46.76 per share, with a total value of $140,280.00. Following the completion of the acquisition, the director now directly owns 18,558 shares of the company's stock, valued at approximately $867,772.08. The trade was a 19.28 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO R. Howard Coker acquired 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now directly owns 482,365 shares of the company's stock, valued at $22,237,026.50. This represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.74% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on SON shares. Truist Financial decreased their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Raymond James decreased their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Bank of America upped their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Jefferies Financial Group assumed coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective on the stock. Finally, Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $56.43.

Sonoco Products Stock Performance

NYSE SON traded up $0.25 during trading hours on Tuesday, hitting $46.70. The company had a trading volume of 872,187 shares, compared to its average volume of 751,361. 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 1-year low of $39.46 and a 1-year high of $61.73. The company has a market cap of $4.61 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The business has a 50 day moving average of $45.66 and a 200-day moving average of $48.42.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.04). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. During the same quarter last year, the company posted $1.12 earnings per share. As a group, equities research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued a $0.53 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.54%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is presently 128.48%.

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.