Dark Forest Capital Management LP Acquires New Stake in Sonoco Products (NYSE:SON)

Dark Forest Capital Management LP acquired a new position in Sonoco Products (NYSE:SON - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,522 shares of the industrial products company's stock, valued at approximately $416,000.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Sonoco Products by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock valued at $543,638,000 after acquiring an additional 120,843 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Sonoco Products by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock valued at $153,411,000 after purchasing an additional 136,965 shares during the last quarter. Cooper Creek Partners Management LLC bought a new stake in Sonoco Products during the fourth quarter valued at approximately $78,203,000. Invesco Ltd. grew its stake in Sonoco Products by 13.0% in the 4th quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock worth $66,338,000 after buying an additional 155,893 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Sonoco Products by 3.3% during the 4th quarter. Sei Investments Co. now owns 1,345,054 shares of the industrial products company's stock valued at $65,706,000 after buying an additional 43,238 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Insider Activity

In related news, Director John R. Haley acquired 3,000 shares of Sonoco Products stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, with a total value of $140,280.00. Following the transaction, the director now owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker bought 20,000 shares of the company'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 completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.74% of the company's stock.

Sonoco Products Trading Up 3.0 %

NYSE:SON traded up $1.29 during midday trading on Friday, reaching $44.55. 315,722 shares of the stock traded hands, compared to its average volume of 766,706. The stock has a market capitalization of $4.39 billion, a P/E ratio of 27.01, a PEG ratio of 0.76 and a beta of 0.64. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. 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 company has a fifty day moving average of $45.49 and a 200 day moving average of $48.28.

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 analysts' consensus estimates of $1.41 by ($0.03). The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $2.02 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business's revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.12 earnings per share. On average, research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently disclosed 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 is a positive change from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is currently 128.48%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SON shares. Bank of America increased 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. Truist Financial reduced their price target on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group began coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. Raymond James reduced their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Finally, StockNews.com downgraded shares of Sonoco Products from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $56.43.

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.