Brevan Howard Capital Management LP Makes New Investment in Sonoco Products (NYSE:SON)

Brevan Howard Capital Management LP bought a new position in Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,348 shares of the industrial products company's stock, valued at approximately $1,531,000.

Other institutional investors also recently bought and sold shares of the company. Cooper Creek Partners Management LLC purchased a new position in Sonoco Products in the 4th quarter worth $78,203,000. Norges Bank acquired a new stake in shares of Sonoco Products during the fourth quarter worth about $60,984,000. Nordea Investment Management AB increased its holdings in Sonoco Products by 63.2% in 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 buying an additional 437,128 shares during the period. Wellington Management Group LLP purchased a new position in Sonoco Products during the 4th quarter worth approximately $15,533,000. Finally, AQR Capital Management LLC lifted its stake in Sonoco Products by 49.3% during the 4th quarter. AQR Capital Management LLC now owns 886,332 shares of the industrial products company's stock valued at $43,262,000 after acquiring an additional 292,772 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Up 2.9%

NYSE:SON traded up $1.30 during mid-day trading on Monday, hitting $45.63. The stock had a trading volume of 188,545 shares, compared to its average volume of 774,158. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. Sonoco Products has a twelve month low of $39.46 and a twelve month high of $61.73. The company has a market capitalization of $4.50 billion, a PE ratio of 27.66, a PEG ratio of 0.76 and a beta of 0.68. The stock has a 50-day simple moving average of $45.21 and a two-hundred day simple moving average of $47.85.

Sonoco Products (NYSE:SON - Get Free Report) last issued 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 analyst estimates of $2.02 billion. During the same period last year, the business posted $1.12 EPS. Sonoco Products's revenue was up 30.6% on a year-over-year basis. On average, equities research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.65%. Sonoco Products's dividend payout ratio is currently 137.66%.

Insiders Place Their Bets

In other news, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Haley purchased 2,246 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the purchase, the director now owns 20,804 shares of the company's stock, valued at approximately $927,234.28. This represents a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 50,721 shares of company stock valued at $2,206,646. 0.74% of the stock is owned by company insiders.

Analysts Set New Price Targets

SON has been the topic of a number of recent analyst reports. Jefferies Financial Group started coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target on the stock. Truist Financial reduced their price target 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 dropped their price target 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. Wells Fargo & Company dropped 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. Finally, StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $56.43.

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.