Balyasny Asset Management L.P. Sells 229,642 Shares of Sonoco Products (NYSE:SON)

Balyasny Asset Management L.P. decreased its holdings in Sonoco Products (NYSE:SON - Free Report) by 66.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 117,207 shares of the industrial products company's stock after selling 229,642 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.12% of Sonoco Products worth $5,726,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in SON. Quarry LP increased its stake in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 511 shares during the period. Principal Securities Inc. boosted its stake in shares of Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after buying an additional 351 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Sonoco Products during the third quarter worth approximately $71,000. Albion Financial Group UT acquired a new position in shares of Sonoco Products during the fourth quarter worth $84,000. Finally, SRS Capital Advisors Inc. grew its stake in shares of Sonoco Products by 311.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after purchasing an additional 1,297 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of SON traded down $0.72 during trading hours on Tuesday, hitting $45.17. The stock had a trading volume of 1,243,266 shares, compared to its average volume of 779,719. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The firm has a market capitalization of $4.46 billion, a PE ratio of 27.38, a PEG ratio of 0.76 and a beta of 0.68. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The stock has a fifty day moving average price of $45.17 and a 200 day moving average price of $47.78.

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). The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The company's quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share. Analysts anticipate 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. Investors of record on Friday, May 9th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.69%. This is a positive change 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%.

Analyst Upgrades and Downgrades

Several research firms have commented on SON. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Truist Financial lowered their price objective 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. 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. Finally, Raymond James dropped their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.43.

Insider Activity

In other news, Director John R. Haley purchased 3,000 shares of Sonoco Products stock in a transaction 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 completion of the transaction, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This represents a 19.28% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were purchased at an average price of $41.17 per share, with a total value of $823,400.00. Following the acquisition, the chief executive officer now owns 502,365 shares of the company's stock, valued at approximately $20,682,367.05. This trade represents a 4.15% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 50,721 shares of company stock worth $2,206,646 over the last three months. Corporate insiders own 0.74% of the company's stock.

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.