Sonoco Products (NYSE:SON) Sees Significant Growth in Short Interest

Sonoco Products (NYSE:SON - Get Free Report) saw a significant growth in short interest in January. As of January 31st, there was short interest totalling 2,680,000 shares, a growth of 18.1% from the January 15th total of 2,270,000 shares. Based on an average trading volume of 696,700 shares, the short-interest ratio is currently 3.8 days. Currently, 2.8% of the shares of the stock are short sold.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the business's stock in a transaction 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 sale, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Sonoco Products

A number of institutional investors and hedge funds have recently made changes to their positions in SON. Cooper Creek Partners Management LLC acquired a new stake in Sonoco Products in the 4th quarter valued at $78,203,000. Norges Bank purchased a new position in Sonoco Products during the fourth quarter valued at $60,984,000. Invenomic Capital Management LP grew its position in shares of Sonoco Products by 368.6% in the fourth quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock valued at $32,555,000 after purchasing an additional 524,198 shares during the period. Private Management Group Inc. purchased a new stake in shares of Sonoco Products during the third quarter worth about $24,994,000. Finally, Deprince Race & Zollo Inc. raised its position in shares of Sonoco Products by 53.4% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock worth $62,143,000 after purchasing an additional 442,892 shares during the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America upped their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Truist Financial increased their price target on Sonoco Products from $63.00 to $68.00 and gave the company a "buy" rating in a report on Monday, January 6th. Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an "underweight" rating for the company in a research note on Monday, January 6th. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a report on Monday, November 4th. Finally, Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $60.17.

Sonoco Products Stock Performance

Sonoco Products stock traded down $1.70 during trading hours on Wednesday, hitting $46.44. 2,105,472 shares of the stock traded hands, compared to its average volume of 761,105. Sonoco Products has a 1 year low of $44.35 and a 1 year high of $61.73. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 15.96, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The firm's 50 day moving average price is $48.34 and its 200-day moving average price is $51.08.

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 for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. As a group, equities analysts expect that Sonoco Products will post 5.08 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a dividend of $0.52 per share. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a yield of 4.48%. Sonoco Products's dividend payout ratio is currently 71.48%.

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.