Wellington Management Group LLP Takes $15.53 Million Position in Sonoco Products (NYSE:SON)

Wellington Management Group LLP purchased a new stake in shares of Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 317,967 shares of the industrial products company's stock, valued at approximately $15,533,000. Wellington Management Group LLP owned about 0.32% of Sonoco Products at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SON. Quarry LP boosted its position in shares of Sonoco Products by 111.3% during the 4th 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 last quarter. Colonial Trust Co SC raised its holdings in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock valued at $47,000 after buying an additional 453 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Sonoco Products by 650.7% during the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock valued at $54,000 after buying an additional 950 shares in the last quarter. Principal Securities Inc. raised its holdings 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 valued at $66,000 after buying an additional 351 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Sonoco Products by 311.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock valued at $84,000 after buying an additional 1,297 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of research reports. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Truist Financial decreased their price target on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. UBS Group started coverage on Sonoco Products in a research note on Wednesday. They issued a "neutral" rating and a $48.00 price target on the stock. Raymond James cut their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $56.25.

Sonoco Products Stock Performance

Shares of NYSE:SON traded down $0.54 during midday trading on Wednesday, reaching $45.03. 234,147 shares of the company's stock traded hands, compared to its average volume of 777,837. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 27.29, a P/E/G ratio of 0.76 and a beta of 0.70. 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 has a one year low of $39.46 and a one year high of $61.57. The stock has a 50 day moving average of $44.83 and a 200 day moving average of $47.21.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the company earned $1.12 earnings per share. The company's revenue for the quarter was up 30.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced 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 is Friday, May 9th. This represents a $2.12 annualized dividend and a dividend yield of 4.71%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. bought 5,475 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the transaction, the director now owns 29,540 shares of the company's stock, valued at $1,191,643.60. This trade represents a 22.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John R. Haley purchased 2,246 shares of the business's stock in a transaction on Friday, May 2nd. The shares were purchased at an average price of $44.57 per share, with a total value of $100,104.22. Following the acquisition, the director now directly owns 20,804 shares in the company, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 47,721 shares of company stock worth $2,066,366. 0.74% of the stock is owned by corporate insiders.

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.