Crestline Management LP Makes New $1.11 Million Investment in Sonoco Products (NYSE:SON)

Crestline Management LP bought a new position in shares of Sonoco Products (NYSE:SON - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 22,662 shares of the industrial products company's stock, valued at approximately $1,107,000.

Several other large investors have also recently modified their holdings of SON. Vanguard Group Inc. boosted its stake in shares of Sonoco Products by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock valued at $543,638,000 after purchasing an additional 120,843 shares during the period. 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 period. Earnest Partners LLC increased its position in shares of Sonoco Products by 0.4% during the 4th quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock valued at $126,746,000 after purchasing an additional 10,661 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in Sonoco Products during the 4th quarter valued at approximately $78,203,000. Finally, Invesco Ltd. lifted its position in Sonoco Products by 13.0% during the fourth quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock valued at $66,338,000 after purchasing an additional 155,893 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was bought at an average price 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 $22,237,026.50. The trade was a 4.33% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John R. Haley bought 3,000 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the transaction, the director now owns 18,558 shares of the company's stock, 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. In the last 90 days, insiders acquired 50,721 shares of company stock worth $2,206,646. Insiders own 0.74% of the company's stock.

Sonoco Products Price Performance

SON traded up $0.02 on Wednesday, reaching $45.09. The company had a trading volume of 223,371 shares, compared to its average volume of 777,539. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The company has a fifty day moving average of $45.17 and a 200-day moving average of $47.78. The company has a market capitalization of $4.45 billion, a P/E ratio of 27.33, a PEG ratio of 0.76 and a beta of 0.68. 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 (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business's revenue was up 30.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.12 EPS. As a group, equities research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.70%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Analyst Upgrades and Downgrades

SON has been the subject of a number of analyst reports. Raymond James decreased their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective for the company. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Truist Financial dropped 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 note on Tuesday, April 22nd. Finally, Wells Fargo & Company lowered their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus 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.