Pictet Asset Management Holding SA Lowers Stock Position in Sonoco Products (NYSE:SON)

Pictet Asset Management Holding SA cut its stake in Sonoco Products (NYSE:SON - Free Report) by 9.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 591,212 shares of the industrial products company's stock after selling 63,734 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.60% of Sonoco Products worth $28,881,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SON. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products during the 3rd quarter worth about $71,000. Principal Securities Inc. grew its position in Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after purchasing an additional 351 shares in the last quarter. SRS Capital Advisors Inc. increased its holdings in Sonoco Products by 311.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after buying an additional 1,297 shares during the last quarter. Albion Financial Group UT purchased a new stake in Sonoco Products during the fourth quarter valued at about $84,000. Finally, Quantbot Technologies LP bought a new position in Sonoco Products in the 3rd quarter valued at $111,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Down 3.7 %

Sonoco Products stock traded down $1.77 during midday trading on Thursday, hitting $46.11. The stock had a trading volume of 401,652 shares, compared to its average volume of 720,675. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73. The stock has a market cap of $4.55 billion, a P/E ratio of 27.95, 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. The business has a fifty day moving average price of $47.27 and a 200 day moving average price of $49.88.

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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 (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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The firm also recently declared 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 4.51%. The ex-dividend date was Wednesday, February 26th. Sonoco Products's dividend payout ratio is 126.06%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SON shares. Wells Fargo & Company decreased their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research report on Monday, February 24th. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Truist Financial lowered their target price on Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company 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 on the stock in a research note on Monday, January 6th. Finally, Bank of America upped their price objective 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Sonoco Products has a consensus rating of "Hold" and a consensus target price of $58.50.

Insider Buying and Selling

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of Sonoco Products stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the firm's stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares of the company's stock, valued at approximately $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by company insiders.

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.