7,613 Shares in Sonoco Products Company (NYSE:SON) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC acquired 7,613 shares of Sonoco Products Company for approximately $356,000 in the 1st quarter, indicating significant institutional interest in the stock.
• Sonoco Products reported earnings of $1.37 per share in its latest quarterly results, which fell short of analysts' expectations; however, its revenue increased by 17.7% compared to the same quarter last year.
• The company announced a quarterly dividend of $0.53, representing a 4.7% yield, scheduled for payment on September 10th.

CCM Investment Group LLC bought a new position in Sonoco Products Company (NYSE:SON - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,613 shares of the industrial products company's stock, valued at approximately $356,000.

Several other hedge funds also recently bought and sold shares of SON. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Sonoco Products by 508.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 752 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 574 shares during the last quarter. Quarry LP boosted its holdings 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 purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC boosted 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 purchasing an additional 453 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Sonoco Products by 152.0% during the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 646 shares during the last quarter. Institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Sonoco Products stock opened at $45.44 on Monday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $56.77. The firm has a market capitalization of $4.48 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 0.61 and a beta of 0.69. The company's 50-day moving average is $45.53 and its 200 day moving average is $45.83.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.92 billion. During the same period last year, the company earned $1.28 earnings per share. The business's revenue for the quarter was up 17.7% compared to the same quarter last year. Research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's dividend payout ratio is 37.99%.

Wall Street Analysts Forecast Growth

SON has been the subject of several research reports. Truist Financial increased their price objective on shares of Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. UBS Group increased their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Raymond James Financial upped their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the company from $45.00 to $55.00 in a research report on Friday, May 23rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.63.

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.

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