45,138 Shares in Sonoco Products Company (NYSE:SON) Acquired by Meritage Portfolio Management

Meritage Portfolio Management bought a new stake in Sonoco Products Company (NYSE:SON - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,138 shares of the industrial products company's stock, valued at approximately $2,132,000.

A number of other hedge funds also recently made changes to their positions in the business. UMB Bank n.a. lifted its holdings in shares of Sonoco Products by 152.7% during the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 574 shares during the period. Quarry LP increased 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 worth $47,000 after purchasing an additional 511 shares in the last quarter. Colonial Trust Co SC lifted its holdings in 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 purchasing an additional 453 shares during the last quarter. True Wealth Design LLC boosted its position in Sonoco Products by 650.7% in the fourth 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. Finally, SRS Capital Advisors Inc. grew its stake in Sonoco Products by 311.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after buying an additional 1,297 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SON shares. Truist Financial cut their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. UBS Group initiated coverage on Sonoco Products in a report on Wednesday, June 4th. They set a "neutral" rating and a $48.00 target price on the stock. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $56.25.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. bought 5,475 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were purchased at an average price of $40.34 per share, with a total value of $220,861.50. Following the completion of the purchase, the director owned 29,540 shares of the company's stock, valued at $1,191,643.60. This represents a 22.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were bought at an average price of $41.17 per share, with a total value of $823,400.00. Following the completion of the transaction, the chief executive officer directly owned 502,365 shares in the company, valued at approximately $20,682,367.05. This trade represents a 4.15% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 27,721 shares of company stock worth $1,144,366. 0.74% of the stock is owned by insiders.

Sonoco Products Trading Down 0.3%

SON stock traded down $0.14 during midday trading on Friday, reaching $46.51. The stock had a trading volume of 761,161 shares, compared to its average volume of 769,443. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of 30.20, a PEG ratio of 0.58 and a beta of 0.68. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.77. The company has a quick ratio of 0.51, a current ratio of 0.80 and a debt-to-equity ratio of 2.02. The business has a fifty day simple moving average of $45.00 and a two-hundred day simple moving average of $46.22.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the firm earned $1.12 EPS. The firm's quarterly revenue was up 30.6% compared to the same quarter last year. As a group, research analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $0.53 dividend. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend was Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

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.