iSAM Funds UK Ltd Sells 8,546 Shares of Sonoco Products (NYSE:SON)

iSAM Funds UK Ltd reduced its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 37.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,216 shares of the industrial products company's stock after selling 8,546 shares during the period. iSAM Funds UK Ltd's holdings in Sonoco Products were worth $694,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SON. Cooper Creek Partners Management LLC bought a new position in shares of Sonoco Products during the 4th quarter valued at approximately $78,203,000. Norges Bank bought a new position in Sonoco Products in the 4th quarter worth approximately $60,984,000. Invenomic Capital Management LP boosted its holdings in Sonoco Products by 368.6% in the 4th quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock worth $32,555,000 after buying an additional 524,198 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in Sonoco Products by 53.4% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock worth $62,143,000 after buying an additional 442,892 shares during the period. Finally, Wellington Management Group LLP bought a new position in Sonoco Products in the 4th quarter worth approximately $15,533,000. 77.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on SON shares. Truist Financial cut their price objective on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their target price for the stock from $45.00 to $55.00 in a research report on Friday. Raymond James decreased their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $57.43.

Insider Buying and Selling

In other news, Director Robert R. Hill, Jr. bought 5,475 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the purchase, the director now owns 29,540 shares in the company, valued at approximately $1,191,643.60. This represents a 22.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price 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 of the company's stock, valued at approximately $22,237,026.50. This represents a 4.33% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 50,721 shares of company stock valued at $2,206,646 over the last quarter. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Trading Up 1.3%

Shares of SON traded up $0.58 during trading hours on Friday, reaching $45.69. 705,140 shares of the company traded hands, compared to its average volume of 780,448. The company's fifty day moving average price is $45.05 and its two-hundred day moving average price is $47.45. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. 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 posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 EPS 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 business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the firm earned $1.12 EPS. The company's revenue was up 30.6% on a year-over-year basis. Equities research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.64%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is presently 137.66%.

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.