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

Victory Capital Management Inc. decreased its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 91.6% in the 4th quarter, according to its most recent Form 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 period. Victory Capital Management Inc. owned approximately 0.12% of Sonoco Products worth $5,542,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Nordea Investment Management AB lifted its position in Sonoco Products by 63.2% in the fourth 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. Charles Schwab Investment Management Inc. increased its holdings in Sonoco Products by 50.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company's stock valued at $56,223,000 after buying an additional 344,658 shares in the last quarter. Meadow Creek Wealth Advisors LLC purchased a new position in Sonoco Products in the fourth quarter valued at about $11,672,000. FMR LLC increased its holdings in Sonoco Products by 70.1% in the third quarter. FMR LLC now owns 559,596 shares of the industrial products company's stock valued at $30,571,000 after buying an additional 230,709 shares in the last quarter. Finally, Verition Fund Management LLC increased its holdings in Sonoco Products by 1,736.5% in the third quarter. Verition Fund Management LLC now owns 148,940 shares of the industrial products company's stock valued at $8,137,000 after buying an additional 140,830 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have issued reports on SON. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Citigroup dropped their target price 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. Truist Financial dropped their target price on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a report on Friday, February 21st. Bank of America raised their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $58.50.

Sonoco Products Stock Performance

Shares of NYSE:SON traded up $0.25 during trading on Tuesday, reaching $47.42. 668,398 shares of the company's stock traded hands, compared to its average volume of 678,369. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73. The company has a 50 day moving average of $47.31 and a 200-day moving average of $50.43. The stock has a market capitalization of $4.66 billion, a P/E ratio of 28.74, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61.

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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, equities analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products's payout ratio is 126.06%.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John R. Haley acquired 3,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the purchase, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their position. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by insiders.

Sonoco Products Company 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.