Cooper Creek Partners Management LLC Buys Shares of 1,600,888 Sonoco Products (NYSE:SON)

Cooper Creek Partners Management LLC acquired a new position in Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,600,888 shares of the industrial products company's stock, valued at approximately $78,203,000. Sonoco Products accounts for approximately 2.4% of Cooper Creek Partners Management LLC's investment portfolio, making the stock its 15th biggest position. Cooper Creek Partners Management LLC owned approximately 1.63% of Sonoco Products at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Treasurer of the State of North Carolina raised its stake in shares of Sonoco Products by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after purchasing an additional 270 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Sonoco Products by 1.0% during the fourth quarter. LSV Asset Management now owns 438,362 shares of the industrial products company's stock valued at $21,414,000 after purchasing an additional 4,292 shares during the last quarter. Locust Wood Capital Advisers LLC purchased a new position in shares of Sonoco Products in the fourth quarter worth approximately $1,133,000. Raymond James Financial Inc. purchased a new position in Sonoco Products during the 4th quarter worth approximately $6,012,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Sonoco Products during the fourth quarter valued at $7,811,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup decreased their price target on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. Bank of America lifted their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, January 6th. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their price target 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. Finally, Truist Financial reduced their target price on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $58.50.

Insider Activity at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This represents a 4.33 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Haley acquired 3,000 shares of the firm's stock in a transaction on Thursday, February 27th. The shares were bought at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.74% of the company's stock.

Sonoco Products Stock Performance

Sonoco Products stock traded up $0.43 on Friday, hitting $43.85. The company's stock had a trading volume of 643,274 shares, compared to its average volume of 745,783. The company has a fifty day moving average price of $45.98 and a 200-day moving average price of $48.90. The firm has a market cap of $4.32 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

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

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. 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 yield of 4.83%. Sonoco Products's dividend payout ratio is 126.06%.

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.