Renaissance Technologies LLC Acquires Shares of 159,900 Sonoco Products (NYSE:SON)

Renaissance Technologies LLC bought a new position in shares of Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 159,900 shares of the industrial products company's stock, valued at approximately $7,811,000. Renaissance Technologies LLC owned approximately 0.16% of Sonoco Products as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Sonoco Products during the fourth quarter worth $60,984,000. Nordea Investment Management AB grew its position in shares of Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock worth $55,181,000 after buying an additional 437,128 shares during the period. Wellington Management Group LLP bought a new position in Sonoco Products in the fourth quarter valued at approximately $15,533,000. Meadow Creek Wealth Advisors LLC bought a new stake in shares of Sonoco Products during the 4th quarter valued at $11,672,000. Finally, Invesco Ltd. boosted its position in shares of Sonoco Products by 13.0% in the 4th quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock worth $66,338,000 after purchasing an additional 155,893 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SON shares. Wells Fargo & Company decreased their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research report on Monday, February 24th. Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research report on Tuesday. They issued a "buy" rating and a $62.00 price objective for the company. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Finally, Bank of America raised 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $56.43.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded up $0.78 on Thursday, hitting $46.12. The stock had a trading volume of 123,136 shares, compared to its average volume of 747,164. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The business's 50 day moving average is $45.73 and its two-hundred day moving average is $48.64. Sonoco Products has a twelve month low of $39.46 and a twelve month high of $61.73. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 27.91, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results 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 net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 4.60%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio is presently 128.48%.

Insider Buying and Selling

In other news, Director John R. Haley bought 3,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was acquired at an average price of $46.76 per share, with a total value of $140,280.00. Following the completion of the purchase, the director now directly owns 18,558 shares of the company's stock, valued at approximately $867,772.08. This represents a 19.28 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 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 transaction, the chief executive officer now owns 482,365 shares in the company, valued at $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 currently owned by corporate insiders.

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.