Bridgewater Associates LP Sells 31,370 Shares of Sonoco Products (NYSE:SON)

Bridgewater Associates LP cut its holdings in Sonoco Products (NYSE:SON - Free Report) by 79.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,913 shares of the industrial products company's stock after selling 31,370 shares during the quarter. Bridgewater Associates LP's holdings in Sonoco Products were worth $387,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SON. Barclays PLC boosted its holdings in Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock valued at $5,184,000 after acquiring an additional 21,799 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Sonoco Products by 23.6% in the third quarter. Sanctuary Advisors LLC now owns 17,482 shares of the industrial products company's stock valued at $890,000 after purchasing an additional 3,341 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Sonoco Products during the third quarter worth about $71,000. Tidal Investments LLC boosted its position in shares of Sonoco Products by 36.0% during the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company's stock worth $1,417,000 after acquiring an additional 6,869 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Sonoco Products by 110.4% in the third quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company's stock valued at $4,018,000 after purchasing an additional 38,564 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

SON traded down $0.30 during trading on Friday, reaching $46.10. The company's stock had a trading volume of 108,532 shares, compared to its average volume of 747,561. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company's fifty day moving average price is $45.70 and its 200-day moving average price is $48.59. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. On average, equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The company 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. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.60%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is currently 128.48%.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 3,000 shares of Sonoco Products stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 18,558 shares of the company's stock, valued at $867,772.08. This represents a 19.28 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO R. Howard Coker bought 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. 0.74% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on SON shares. Truist Financial reduced their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday. Citigroup reduced their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday. They set a "buy" rating and a $62.00 price objective for the company. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Bank of America boosted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. One 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $56.43.

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.