Russell Investments Group Ltd. Sells 72,650 Shares of Sonoco Products (NYSE:SON)

Russell Investments Group Ltd. reduced its holdings in Sonoco Products (NYSE:SON - Free Report) by 31.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 157,366 shares of the industrial products company's stock after selling 72,650 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.16% of Sonoco Products worth $7,687,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank acquired a new position in Sonoco Products in the fourth quarter valued at approximately $60,984,000. Nordea Investment Management AB grew its position in Sonoco Products by 63.2% in the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock valued at $55,181,000 after purchasing an additional 437,128 shares during the period. Wellington Management Group LLP bought a new position in shares of Sonoco Products in the fourth quarter valued at $15,533,000. Meadow Creek Wealth Advisors LLC bought a new stake in shares of Sonoco Products during the fourth quarter worth about $11,672,000. Finally, Private Management Group Inc. raised its holdings in shares of Sonoco Products by 27.7% in the 4th 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 during the last quarter. Institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of SON stock traded down $0.13 during trading on Tuesday, reaching $44.00. 591,531 shares of the company's stock traded hands, compared to its average volume of 743,619. The company has a market capitalization of $4.34 billion, a P/E ratio of 26.67, a PEG ratio of 0.76 and a beta of 0.64. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. 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 firm's 50-day moving average is $46.12 and its 200 day moving average is $49.01.

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Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.01). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Equities research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's payout ratio is 126.06%.

Insider Activity

In other news, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, with a total value of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Haley acquired 3,000 shares of Sonoco Products stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the transaction, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.74% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Truist Financial cut their price target on Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Wells Fargo & Company decreased their price target on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Bank of America boosted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. One investment 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. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $58.50.

Sonoco Products 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.