BNP Paribas Financial Markets Has $1.79 Million Holdings in Sonoco Products (NYSE:SON)

BNP Paribas Financial Markets boosted its stake in Sonoco Products (NYSE:SON - Free Report) by 190.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,652 shares of the industrial products company's stock after purchasing an additional 24,022 shares during the quarter. BNP Paribas Financial Markets' holdings in Sonoco Products were worth $1,790,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Private Management Group Inc. raised its stake in Sonoco Products by 27.7% during the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock worth $28,547,000 after acquiring an additional 126,867 shares in the last quarter. Quilter Plc raised its stake in Sonoco Products by 3.1% during the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock worth $14,615,000 after acquiring an additional 8,895 shares in the last quarter. Synergy Asset Management LLC raised its stake in Sonoco Products by 9.0% during the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock worth $3,610,000 after acquiring an additional 5,505 shares in the last quarter. Northern Trust Corp raised its stake in Sonoco Products by 24.0% during the fourth quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock worth $42,002,000 after acquiring an additional 166,552 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in Sonoco Products during the fourth quarter worth about $15,533,000. Institutional investors and hedge funds own 77.69% of the company's stock.

Insider Activity at Sonoco Products

In related news, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the acquisition, the director now directly owns 18,558 shares of the company's stock, valued at approximately $867,772.08. The trade was a 19.28% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert R. Hill, Jr. bought 5,475 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 30th. The stock was bought at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the acquisition, the director now directly owns 29,540 shares of the company's stock, valued at $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 50,721 shares of company stock worth $2,206,646 over the last ninety days. Insiders own 0.74% of the company's stock.

Sonoco Products Trading Up 1.3%

Shares of NYSE:SON traded up $0.58 during midday trading on Friday, hitting $45.69. 705,140 shares of the stock were exchanged, compared to its average volume of 779,220. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 27.69, a P/E/G ratio of 0.76 and a beta of 0.68. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The business's 50-day moving average price is $45.05 and its 200 day moving average price is $47.48. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the firm posted $1.12 earnings per share. The business's revenue for the quarter was up 30.6% on a year-over-year basis. Analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently announced 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 of this dividend is Friday, May 9th. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.64%. Sonoco Products's dividend payout ratio is presently 137.66%.

Analyst Upgrades and Downgrades

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

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.