Pinebridge Investments L.P. Has $3.02 Million Stake in Sonoco Products (NYSE:SON)

Pinebridge Investments L.P. lessened its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 29.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 61,782 shares of the industrial products company's stock after selling 26,096 shares during the quarter. Pinebridge Investments L.P. owned about 0.06% of Sonoco Products worth $3,018,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in SON. Barclays PLC raised its position in shares of Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock valued at $5,184,000 after purchasing an additional 21,799 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Sonoco Products during the third quarter valued at about $71,000. Tidal Investments LLC grew its position in shares of Sonoco Products by 36.0% in the third quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company's stock valued at $1,417,000 after purchasing an additional 6,869 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Sonoco Products by 110.4% in the third quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company's stock worth $4,018,000 after purchasing an additional 38,564 shares during the period. Finally, Trust Co of the South lifted its position in shares of Sonoco Products by 11.4% during the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company's stock worth $794,000 after purchasing an additional 1,658 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.25 during trading on Tuesday, hitting $46.70. 872,187 shares of the company's stock traded hands, compared to its average volume of 752,864. Sonoco Products has a twelve month low of $39.46 and a twelve month 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 market cap of $4.61 billion, a PE ratio of 28.30, a PEG ratio of 0.76 and a beta of 0.64. The firm's fifty day moving average price is $45.67 and its 200 day moving average price is $48.41.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business's quarterly revenue was up 30.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 earnings per share. Analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.54%. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is currently 128.48%.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly owns 18,558 shares in the company, 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 link. Also, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.74% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. StockNews.com downgraded Sonoco Products from a "hold" rating to a "sell" rating in a research report on Friday. Truist Financial dropped their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Bank of America increased their price target 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. Raymond James dropped their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $56.43.

Sonoco Products 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.