Sonoco Products (NYSE:SON) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in Sonoco Products (NYSE:SON - Free Report) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,370 shares of the industrial products company's stock after selling 8,423 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Sonoco Products worth $4,952,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Principal Securities Inc. lifted its stake in Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock valued at $66,000 after buying an additional 351 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sonoco Products in the third quarter valued at $71,000. Albion Financial Group UT acquired a new stake in shares of Sonoco Products during the fourth quarter valued at $84,000. SRS Capital Advisors Inc. boosted its stake in shares of Sonoco Products by 311.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock valued at $84,000 after acquiring an additional 1,297 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Sonoco Products by 33.8% during the 4th quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company's stock worth $154,000 after purchasing an additional 798 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Sonoco Products

In related news, CEO R. Howard Coker bought 20,000 shares of the business's stock in a transaction dated 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 purchase, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This trade represents a 4.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Haley purchased 3,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The stock was purchased 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 position. The disclosure for this purchase can be found here. 0.74% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SON has been the topic of a number of recent research reports. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Raymond James reduced their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday. Truist Financial lowered their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday. Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday. They set a "buy" rating and a $62.00 price target on the stock. Finally, Citigroup dropped their target price 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 investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $56.43.

Sonoco Products Stock Up 3.6 %

Shares of NYSE:SON opened at $45.01 on Wednesday. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of 27.28, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company has a 50 day moving average of $45.78 and a two-hundred day moving average of $48.66. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. 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 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion during 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, analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.71%. Sonoco Products's payout ratio is currently 128.48%.

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.

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