Raymond James Financial Inc. bought a new position in shares of Sonoco Products (NYSE:SON - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 123,074 shares of the industrial products company's stock, valued at approximately $6,012,000. Raymond James Financial Inc. owned about 0.13% of Sonoco Products as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in the business. Barclays PLC raised its stake in shares of Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock worth $5,184,000 after acquiring an additional 21,799 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Sonoco Products in the 3rd quarter worth approximately $71,000. Tidal Investments LLC raised its position in Sonoco Products by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company's stock worth $1,417,000 after purchasing an additional 6,869 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Sonoco Products by 110.4% during the 3rd quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company's stock worth $4,018,000 after buying an additional 38,564 shares in the last quarter. Finally, Trust Co of the South boosted its position in Sonoco Products by 11.4% in the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company's stock valued at $794,000 after buying an additional 1,658 shares during the last quarter. 77.69% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Sonoco Products news, CEO R. Howard Coker purchased 20,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, with a total value of $922,000.00. Following the purchase, the chief executive officer now directly owns 482,365 shares of the company's stock, valued at $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction that occurred on 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 acquisition, the director now directly owns 18,558 shares of the company's stock, valued at $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company's stock.
Sonoco Products Trading Down 12.0 %
SON traded down $5.62 during mid-day trading on Wednesday, hitting $41.14. The stock had a trading volume of 3,355,494 shares, compared to its average volume of 764,222. The stock's fifty day simple moving average is $45.56 and its 200-day simple moving average is $48.36. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a 1-year low of $39.46 and a 1-year high of $61.73. 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 (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the firm posted $1.12 earnings per share. The business's revenue was up 30.6% on a year-over-year basis. As a group, research analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.
Sonoco Products Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a $0.53 dividend. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products's payout ratio is currently 128.48%.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on SON shares. Citigroup cut their price target 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. StockNews.com downgraded shares of Sonoco Products from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Wells Fargo & Company lowered their price target on shares of 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 price objective on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group initiated coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.43.
View Our Latest Stock Analysis on Sonoco Products
About Sonoco Products
(
Free Report)
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.
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