Sterling Capital Management LLC Decreases Stake in Sonoco Products (NYSE:SON)

Sterling Capital Management LLC decreased its holdings in Sonoco Products (NYSE:SON - Free Report) by 76.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,804 shares of the industrial products company's stock after selling 18,947 shares during the quarter. Sterling Capital Management LLC's holdings in Sonoco Products were worth $284,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Arizona State Retirement System increased its stake in shares of Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after purchasing an additional 224 shares in the last quarter. IFP Advisors Inc increased its stake in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after buying an additional 243 shares in the last quarter. Wedmont Private Capital raised its holdings in shares of Sonoco Products by 3.9% during the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock valued at $306,000 after acquiring an additional 247 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Sonoco Products by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after acquiring an additional 270 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its position in shares of Sonoco Products by 6.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock valued at $230,000 after acquiring an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Trading Up 0.7 %

NYSE:SON traded up $0.31 on Wednesday, reaching $45.32. The company's stock had a trading volume of 761,142 shares, compared to its average volume of 747,967. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 27.47, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73. The stock has a 50 day moving average price of $45.78 and a 200 day moving average price of $48.66. 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 the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, equities analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is currently 128.48%.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms recently commented on SON. Wells Fargo & Company reduced their price objective on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research note on Monday, February 24th. Citigroup reduced their target price on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Truist Financial lowered their price target on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group initiated coverage on Sonoco Products in a report on Tuesday. They issued a "buy" rating and a $62.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.43.

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.