Sonoco Products (NYSE:SON) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its position in Sonoco Products (NYSE:SON - Free Report) by 16.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,213 shares of the industrial products company's stock after selling 19,397 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.10% of Sonoco Products worth $4,895,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Quarry LP grew its position in Sonoco Products by 111.3% in 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 in the last quarter. Principal Securities Inc. grew its holdings in Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after acquiring an additional 351 shares in the last quarter. SRS Capital Advisors Inc. grew its holdings in 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 worth $84,000 after acquiring an additional 1,297 shares in the last quarter. Spire Wealth Management grew its holdings in Sonoco Products by 11.5% during the 4th quarter. Spire Wealth Management now owns 3,599 shares of the industrial products company's stock worth $176,000 after acquiring an additional 370 shares in the last quarter. Finally, KBC Group NV grew its holdings in Sonoco Products by 42.6% during the 4th quarter. KBC Group NV now owns 3,750 shares of the industrial products company's stock worth $183,000 after acquiring an additional 1,120 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sonoco Products

In other news, Director Robert R. Hill, Jr. purchased 5,475 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the purchase, the director now directly owns 29,540 shares in the company, valued at $1,191,643.60. The trade was a 22.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were purchased at an average price 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 of the company's stock, valued at approximately $22,237,026.50. This trade represents a 4.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 47,721 shares of company stock worth $2,066,366 over the last 90 days. 0.74% of the stock is currently owned by insiders.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded down $0.20 during trading on Thursday, reaching $45.52. The company's stock had a trading volume of 679,255 shares, compared to its average volume of 781,273. The company has a 50-day moving average price of $44.93 and a two-hundred day moving average price of $47.34. The firm has a market cap of $4.49 billion, a PE ratio of 27.59, a P/E/G ratio of 0.76 and a beta of 0.68. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. 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 announced its earnings results 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 business had revenue of $1.71 billion during 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.12 earnings per share. On average, analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend is Friday, May 9th. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is 137.66%.

Wall Street Analysts Forecast Growth

Several research firms have commented on SON. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price on the stock. Raymond James decreased their target price 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. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Truist Financial decreased their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.43.

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.