GoalVest Advisory LLC boosted its position in Sonoco Products (NYSE:SON - Free Report) by 42.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,586 shares of the industrial products company's stock after purchasing an additional 7,672 shares during the quarter. GoalVest Advisory LLC's holdings in Sonoco Products were worth $1,209,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its stake in shares of Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock valued at $1,393,000 after acquiring an additional 224 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after acquiring an additional 243 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Sonoco Products by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after acquiring an additional 270 shares during the last quarter. Principal Securities Inc. increased its stake in shares of Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 351 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Sonoco Products by 4.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,419 shares of the industrial products company's stock valued at $460,000 after acquiring an additional 368 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.
Insider Activity
In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This represents a 4.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John R. Haley bought 2,246 shares of Sonoco Products stock in a transaction dated Friday, May 2nd. The shares were acquired at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director now owns 20,804 shares in the company, valued at approximately $927,234.28. The trade was a 12.10% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 47,721 shares of company stock worth $2,066,366. 0.74% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on SON. Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Truist Financial dropped 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 report on Tuesday, April 22nd. Finally, Raymond James dropped their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.43.
Read Our Latest Analysis on Sonoco Products
Sonoco Products Stock Up 0.1%
NYSE:SON traded up $0.03 during trading hours on Friday, hitting $45.62. The stock had a trading volume of 730,690 shares, compared to its average volume of 780,286. 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 has a 1-year low of $39.46 and a 1-year high of $61.73. The business has a 50 day simple moving average of $44.91 and a two-hundred day simple moving average of $47.28. The company has a market cap of $4.50 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68.
Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the business earned $1.12 EPS. The firm's revenue was up 30.6% compared to the same quarter last year. Analysts predict that Sonoco Products will post 6.1 EPS for the current year.
Sonoco Products Increases Dividend
The firm also recently announced 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 is a boost from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio is 137.66%.
About Sonoco Products
(
Free Report)
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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