Fifth Third Bancorp Decreases Holdings in Sonoco Products (NYSE:SON)

Fifth Third Bancorp trimmed its position in Sonoco Products (NYSE:SON - Free Report) by 29.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,843 shares of the industrial products company's stock after selling 11,290 shares during the quarter. Fifth Third Bancorp's holdings in Sonoco Products were worth $1,311,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kennebec Savings Bank purchased a new stake in Sonoco Products in the third quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products in the 3rd quarter valued at about $33,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sonoco Products in the third quarter worth about $71,000. Albion Financial Group UT acquired a new stake in Sonoco Products during the fourth quarter worth about $84,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Sonoco Products by 821.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 1,675 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Price Performance

SON traded down $0.01 during trading on Wednesday, reaching $48.24. The company's stock had a trading volume of 477,490 shares, compared to its average volume of 703,527. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 0.78 and a beta of 0.68. The firm has a fifty day simple moving average of $49.52 and a two-hundred day simple moving average of $51.54. Sonoco Products has a 1 year low of $45.93 and a 1 year high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter in the prior year, the company posted $1.46 EPS. The business's revenue for the quarter was down 2.0% on a year-over-year basis. As a group, analysts anticipate that Sonoco Products will post 5.12 EPS for the current year.

Insider Buying and Selling

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the company's stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the transaction, the director now directly owns 16,065 shares of the company's stock, valued at approximately $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup cut their price objective 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. Wells Fargo & Company cut their price target on Sonoco Products from $52.00 to $50.00 and set an "underweight" rating for the company in a research note on Monday, January 6th. Bank of America increased their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Truist Financial upped their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Robert W. Baird dropped their price target on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Sonoco Products has a consensus rating of "Moderate Buy" and an average price target of $60.17.

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.