Victory Capital Management Inc. Has $5.54 Million Stock Position in Sonoco Products (NYSE:SON)

Victory Capital Management Inc. cut its holdings in Sonoco Products (NYSE:SON - Free Report) by 91.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 113,455 shares of the industrial products company's stock after selling 1,231,076 shares during the quarter. Victory Capital Management Inc. owned about 0.12% of Sonoco Products worth $5,542,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. IFP Advisors Inc grew its position in shares of Sonoco Products by 3.6% in the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after purchasing an additional 243 shares during the period. Wedmont Private Capital grew its position in shares of Sonoco Products by 3.9% in the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock valued at $306,000 after purchasing an additional 247 shares during the period. Pallas Capital Advisors LLC grew its position in shares of Sonoco Products by 6.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock valued at $230,000 after purchasing an additional 284 shares during the period. Park Avenue Securities LLC grew its position in shares of Sonoco Products by 2.2% in the 4th quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock valued at $688,000 after purchasing an additional 298 shares during the period. Finally, Curi RMB Capital LLC grew its position in shares of Sonoco Products by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company's stock valued at $709,000 after purchasing an additional 304 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the company's stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now directly owns 16,065 shares of the company's stock, valued at $770,316.75. This represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO R. Howard Coker acquired 20,000 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This represents a 4.33 % 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.

Sonoco Products Stock Performance

SON traded up $1.28 during trading hours on Wednesday, reaching $48.69. The company's stock had a trading volume of 695,238 shares, compared to its average volume of 678,819. Sonoco Products has a 52 week low of $44.36 and a 52 week high of $61.73. The company's 50-day moving average is $47.31 and its 200-day moving average is $50.43. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The firm has a market cap of $4.79 billion, a PE ratio of 29.36, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61.

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

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's dividend payout ratio is 126.06%.

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.