Sonoco Products (NYSE:SON) CEO R. Howard Coker Acquires 20,000 Shares

Sonoco Products (NYSE:SON - Get Free Report) CEO R. Howard Coker purchased 20,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were acquired 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 owns 482,365 shares of the company's stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Sonoco Products Stock Performance

NYSE:SON traded down $1.14 during mid-day trading on Friday, hitting $46.69. 1,549,725 shares of the company traded hands, compared to its average volume of 688,892. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The stock's fifty day moving average price is $47.35 and its 200-day moving average price is $50.40. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. Sonoco Products has a one year low of $44.36 and a one year high of $61.73.

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

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Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.46%. Sonoco Products's payout ratio is 126.06%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Bank of America lifted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Citigroup lowered their price target 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 objective on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Truist Financial lowered their target price on Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Hold" and an average price target of $58.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Private Management Group Inc. lifted its position in shares of Sonoco Products by 27.7% in the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock valued at $28,547,000 after acquiring an additional 126,867 shares in the last quarter. Quilter Plc raised its stake in Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock valued at $14,615,000 after purchasing an additional 8,895 shares during the period. Synergy Asset Management LLC lifted its holdings in Sonoco Products by 9.0% in the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock worth $3,610,000 after purchasing an additional 5,505 shares in the last quarter. ING Groep NV boosted its stake in Sonoco Products by 579.8% in the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company's stock worth $7,073,000 after purchasing an additional 123,500 shares during the period. Finally, Jane Street Group LLC grew its holdings in Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company's stock valued at $10,126,000 after buying an additional 140,370 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

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.