Victory Capital Management Inc. Sells 1,231,076 Shares of Sonoco Products (NYSE:SON)

Victory Capital Management Inc. trimmed its holdings in Sonoco Products (NYSE:SON - Free Report) by 91.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,455 shares of the industrial products company's stock after selling 1,231,076 shares during the period. Victory Capital Management Inc. owned about 0.12% of Sonoco Products worth $5,542,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Principal Securities Inc. lifted its stake in shares of Sonoco Products by 35.0% in the fourth 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 bought a new position in shares of Sonoco Products in the third quarter valued at $71,000. Albion Financial Group UT bought a new position in shares of Sonoco Products during the fourth quarter valued at about $84,000. SRS Capital Advisors Inc. lifted its position 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 purchasing an additional 1,297 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Sonoco Products during the third quarter valued at about $111,000. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Performance

NYSE SON traded up $1.36 during trading hours on Monday, reaching $46.99. 363,520 shares of the company were exchanged, compared to its average volume of 809,672. Sonoco Products has a 1 year low of $44.35 and a 1 year high of $61.73. The business's 50 day simple moving average is $47.31 and its 200-day simple moving average is $50.55. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The stock has a market capitalization of $4.62 billion, a P/E ratio of 28.44, a P/E/G ratio of 0.76 and a beta of 0.61.

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

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were paid a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.43%. Sonoco Products's payout ratio is 126.06%.

Insider Transactions at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Haley bought 3,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SON. Truist Financial dropped their price target on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Wells Fargo & Company dropped their price target on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research report on Monday, February 24th. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Citigroup decreased 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.