AlphaQuest LLC reduced its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 56.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,869 shares of the industrial products company's stock after selling 32,598 shares during the quarter. AlphaQuest LLC's holdings in Sonoco Products were worth $1,215,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the business. Private Management Group Inc. lifted its position in shares of Sonoco Products by 27.7% during the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock worth $28,547,000 after acquiring an additional 126,867 shares in the last quarter. Quilter Plc raised its stake in shares of Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock valued at $14,615,000 after purchasing an additional 8,895 shares during the period. Synergy Asset Management LLC lifted its holdings in Sonoco Products by 9.0% during the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock worth $3,610,000 after purchasing an additional 5,505 shares in the last quarter. ING Groep NV boosted its stake in Sonoco Products by 579.8% in the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company's stock worth $7,073,000 after purchasing an additional 123,500 shares during the period. Finally, Jane Street Group LLC grew its holdings in Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company's stock valued at $10,126,000 after buying an additional 140,370 shares in the last quarter. 77.69% of the stock is owned by institutional investors.
Sonoco Products Price Performance
Shares of NYSE SON traded down $1.28 during mid-day trading on Wednesday, reaching $45.23. 755,036 shares of the company were exchanged, compared to its average volume of 823,533. Sonoco Products has a 52 week low of $44.35 and a 52 week high of $61.73. The company's 50 day moving average price is $47.43 and its 200 day moving average price is $50.70. The stock has a market capitalization of $4.45 billion, a PE ratio of 27.41, a PEG ratio of 0.76 and a beta of 0.61. 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 results 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 firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Sell-side analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date was Wednesday, February 26th. Sonoco Products's payout ratio is currently 126.06%.
Analyst Upgrades and Downgrades
SON has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Wells Fargo & Company reduced their price target 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. Bank of America upped their price target 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. Finally, Citigroup dropped their price objective on 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 analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $58.50.
Read Our Latest Stock Analysis on SON
Insiders Place Their Bets
In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the transaction, the director now directly owns 16,065 shares in the company, valued at $770,316.75. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Haley purchased 3,000 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the purchase, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.51% of the company's stock.
About Sonoco Products
(
Free Report)
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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