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

Shares of Sonoco Products (NYSE:SON - Get Free Report) gapped up prior to trading on Monday following insider buying activity. 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 trading hands.

Specifically, CEO R. Howard Coker bought 20,000 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Bank of America upped 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. Truist Financial dropped their target price on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a report on Friday, February 21st. Citigroup dropped their target price on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. 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 data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $58.50.

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Sonoco Products Price Performance

The firm's 50-day moving average price is $47.31 and its 200-day moving average price is $50.43. 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 stock has a market capitalization of $4.66 billion, a PE ratio of 28.74, a PEG ratio of 0.76 and a beta of 0.61.

Sonoco Products (NYSE:SON - Get Free Report) last posted 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 20.81% and a net margin of 2.60%. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.67 billion. On average, equities analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's dividend payout ratio (DPR) is currently 126.06%.

Institutional Trading of Sonoco Products

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

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.