DAVENPORT & Co LLC Grows Stock Position in Sonoco Products Company $SON

Key Points

• DAVENPORT & Co LLC boosted its stake in Sonoco by 202% in Q4, buying 20,771 shares to hold 31,053 shares valued at $1,355,000.
• Sonoco beat Q4 estimates with EPS of $1.05 (vs. $1.01) and revenue of $1.77 billion (up 29.7% YoY), and pays a $0.53 quarterly dividend ($2.12 annualized) for a 4.0% yield.
• Institutional investors own 77.69% of the stock; analysts are mixed (four Buys, six Holds) with a consensus "Hold" and an average price target of $62.13, though some firms have raised targets (Citigroup to $70, BofA upgraded to Buy).

DAVENPORT & Co LLC boosted its holdings in Sonoco Products Company (NYSE:SON - Free Report) by 202.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,053 shares of the industrial products company's stock after buying an additional 20,771 shares during the period. DAVENPORT & Co LLC's holdings in Sonoco Products were worth $1,355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cornerstone Planning Group LLC purchased a new position in shares of Sonoco Products during the 3rd quarter worth about $29,000. True Wealth Design LLC grew its holdings in Sonoco Products by 172.5% in the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 471 shares during the period. Ameriflex Group Inc. grew its holdings in Sonoco Products by 1,263.6% in the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 834 shares during the period. Larson Financial Group LLC increased its position in Sonoco Products by 1,826.9% during the third quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company's stock worth $43,000 after purchasing an additional 950 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Sonoco Products during the third quarter worth approximately $56,000. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Trading Up 0.2%

Shares of SON stock opened at $53.31 on Monday. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $58.44. The firm's 50 day moving average price is $52.34 and its two-hundred day moving average price is $46.16. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 5.29, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. The business's quarterly revenue was up 29.7% compared to the same quarter last year. On average, analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.0%. The ex-dividend date was Wednesday, February 25th. Sonoco Products's dividend payout ratio is currently 21.05%.

Insider Buying and Selling

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the firm's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the transaction, the insider directly owned 9,377 shares of the company's stock, valued at $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.98% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SON. Robert W. Baird lifted their price target on shares of Sonoco Products from $48.00 to $60.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Weiss Ratings restated a "hold (c-)" rating on shares of Sonoco Products in a report on Wednesday, January 21st. Bank of America raised Sonoco Products from a "neutral" rating to a "buy" rating and increased their target price for the stock from $56.00 to $60.00 in a research report on Monday, January 5th. Wells Fargo & Company reduced their target price on Sonoco Products from $60.00 to $56.00 and set an "equal weight" rating on the stock in a report on Friday, March 20th. Finally, Citigroup upped their price target on Sonoco Products from $52.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, February 19th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Sonoco Products has an average rating of "Hold" and a consensus price target of $62.13.

Sonoco Products Profile

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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