KLP Kapitalforvaltning AS Buys New Position in Sonoco Products (NYSE:SON)

KLP Kapitalforvaltning AS purchased a new stake in Sonoco Products (NYSE:SON - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 26,300 shares of the industrial products company's stock, valued at approximately $1,285,000.

Other institutional investors have also added to or reduced their stakes in the company. Private Management Group Inc. lifted its holdings in shares of Sonoco Products by 27.7% during the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock worth $28,547,000 after buying an additional 126,867 shares in the last quarter. Quilter Plc raised its stake in Sonoco Products by 3.1% in the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock worth $14,615,000 after purchasing an additional 8,895 shares in the last quarter. Synergy Asset Management LLC boosted 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 valued at $3,610,000 after purchasing an additional 5,505 shares during the period. ING Groep NV grew its position in shares of Sonoco Products by 579.8% during 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 in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Sonoco Products by 312.1% during the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company's stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This trade represents a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Price Performance

NYSE SON traded down $1.95 during trading on Thursday, hitting $45.93. 1,284,292 shares of the company's stock were exchanged, compared to its average volume of 725,237. The company has a market cap of $4.53 billion, a PE ratio of 27.84, a P/E/G ratio of 0.76 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. Sonoco Products has a fifty-two week low of $44.36 and a fifty-two week high of $61.73. The stock's 50 day moving average price is $47.22 and its two-hundred day moving average price is $49.85.

Sonoco Products (NYSE:SON - Get Free Report) last released 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 return on equity of 20.81% and a net margin of 2.60%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were issued a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a yield of 4.53%. Sonoco Products's payout ratio is presently 126.06%.

Sonoco Products Company 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.