Insider Buying: Sonoco Products (NYSE:SON) CEO Buys 20,000 Shares of Stock

Sonoco Products (NYSE:SON - Get Free Report) CEO R. Howard Coker bought 20,000 shares of the company'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 transaction, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Sonoco Products Stock Performance

Sonoco Products stock traded up $0.25 during midday trading on Tuesday, hitting $47.42. The company's stock had a trading volume of 668,398 shares, compared to its average volume of 678,369. Sonoco Products has a 1-year low of $44.36 and a 1-year high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The company has a 50-day moving average price of $47.31 and a two-hundred day moving average price of $50.43. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 28.74, a PEG ratio of 0.76 and a beta of 0.61.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.67 billion. As a group, sell-side analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

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Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's dividend payout ratio is 126.06%.

Hedge Funds Weigh In On Sonoco Products

Institutional investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System grew its holdings in 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 acquiring an additional 224 shares during the last quarter. IFP Advisors Inc grew its holdings in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after acquiring an additional 243 shares during the last quarter. Wedmont Private Capital grew its holdings in Sonoco Products by 3.9% during the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock worth $306,000 after acquiring an additional 247 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in Sonoco Products by 0.6% during 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 acquiring an additional 270 shares during the last quarter. 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 worth $230,000 after acquiring an additional 284 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.