Sonoco Products (NYSE:SON) Shares Gap Up Following Insider Buying Activity

Sonoco Products (NYSE:SON - Get Free Report)'s stock price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $45.63, but opened at $47.00. Sonoco Products shares last traded at $46.51, with a volume of 55,888 shares traded.

Specifically, CEO R. Howard Coker purchased 20,000 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was bought 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 $22,237,026.50. The trade was a 4.33 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SON shares. Citigroup reduced their price target on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Truist Financial dropped their price target on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company decreased their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research report on Monday, February 24th. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Bank of America lifted their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report 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 given a buy rating to the company's stock. According to MarketBeat, Sonoco Products presently has an average rating of "Hold" and an average target price of $58.50.

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Sonoco Products Stock Up 1.8 %

The firm has a market cap of $4.56 billion, a P/E ratio of 28.16, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The firm's 50-day moving average price is $47.31 and its 200 day moving average price is $50.55. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

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 the consensus estimate of $1.18 by ($0.01). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. As a group, research analysts expect that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were given a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.48%. Sonoco Products's dividend payout ratio (DPR) is 126.06%.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently modified their holdings of the stock. Colonial Trust Co SC boosted its position in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after acquiring an additional 453 shares during the period. Quarry LP grew its position in shares of Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. True Wealth Design LLC increased its position in Sonoco Products by 650.7% in the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock worth $54,000 after buying an additional 950 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products in the 3rd quarter valued at approximately $71,000. Finally, Principal Securities Inc. boosted its stake in Sonoco Products by 35.0% during the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after buying an additional 351 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

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.

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