Magnetar Financial LLC bought a new position in Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 8,063 shares of the industrial products company's stock, valued at approximately $394,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Private Management Group Inc. raised its position in 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 worth $28,547,000 after acquiring an additional 126,867 shares during the period. Quilter Plc increased its position in Sonoco Products by 3.1% in the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock worth $14,615,000 after buying an additional 8,895 shares in the last quarter. Synergy Asset Management LLC raised its stake in shares of Sonoco Products by 9.0% in the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock worth $3,610,000 after buying an additional 5,505 shares during the period. ING Groep NV increased its holdings 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 acquiring an additional 123,500 shares in the last quarter. Finally, Jane Street Group LLC raised its stake 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 worth $10,126,000 after acquiring an additional 140,370 shares during the period. Institutional investors own 77.69% of the company's stock.
Analyst Ratings Changes
Several brokerages have recently commented on SON. Truist Financial decreased their price objective 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, February 21st. Citigroup cut their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Bank of America boosted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $58.50.
Check Out Our Latest Analysis on SON
Insider Activity
In other news, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the acquisition, the director now owns 18,558 shares of the company's stock, valued at $867,772.08. This trade represents a 19.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 sale, the director now owns 16,065 shares in the company, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.51% of the company's stock.
Sonoco Products Trading Down 0.5 %
Shares of NYSE SON traded down $0.24 during trading hours on Thursday, hitting $46.89. 683,142 shares of the company traded hands, compared to its average volume of 692,214. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company's 50 day moving average price is $47.35 and its 200 day moving average price is $50.12. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73. 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 (NYSE:SON - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 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 firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.67 billion. On average, equities research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.
Sonoco Products Announces Dividend
The business also recently announced 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's dividend payout ratio (DPR) is presently 126.06%.
About Sonoco Products
(
Free Report)
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.
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