Axa S.A. Takes Position in Sonoco Products (NYSE:SON)

AXA S.A. bought a new stake in shares of Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 206,921 shares of the industrial products company's stock, valued at approximately $10,108,000. AXA S.A. owned 0.21% of Sonoco Products at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SON. Cooper Creek Partners Management LLC bought a new position in Sonoco Products in the 4th quarter worth about $78,203,000. Norges Bank bought a new position in Sonoco Products in the fourth quarter worth approximately $60,984,000. Nordea Investment Management AB increased its holdings in Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock worth $55,181,000 after purchasing an additional 437,128 shares during the period. Wellington Management Group LLP bought a new stake in Sonoco Products during the 4th quarter valued at $15,533,000. Finally, AQR Capital Management LLC lifted its holdings in shares of Sonoco Products by 49.3% in the 4th quarter. AQR Capital Management LLC now owns 886,332 shares of the industrial products company's stock worth $43,262,000 after buying an additional 292,772 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Price Performance

NYSE SON traded up $0.99 during trading hours on Thursday, reaching $45.15. The company's stock had a trading volume of 602,189 shares, compared to its average volume of 774,516. 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 1-year low of $39.46 and a 1-year high of $61.73. The company's 50-day moving average is $45.25 and its two-hundred day moving average is $47.98. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 27.36, a P/E/G ratio of 0.76 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The company had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $2.02 billion. During the same period in the previous year, the business earned $1.12 earnings per share. The business's revenue for the quarter was up 30.6% on a year-over-year basis. On average, equities analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.70%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products's dividend payout ratio is 137.66%.

Wall Street Analyst Weigh In

SON has been the subject of several recent research reports. Truist Financial decreased their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Raymond James lowered their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. Finally, 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Sonoco Products has a consensus rating of "Moderate Buy" and an average target price of $56.43.

Insider Buying and Selling

In related news, Director John R. Haley bought 2,246 shares of the business's stock in a transaction on Friday, May 2nd. The stock was acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the purchase, the director now directly owns 20,804 shares of the company's stock, valued at $927,234.28. The trade was a 12.10 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of the stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the transaction, the director now owns 29,540 shares in the company, valued at approximately $1,191,643.60. The trade was a 22.75 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 50,721 shares of company stock worth $2,206,646. 0.74% of the stock is owned by insiders.

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.