Lazard Asset Management LLC Makes New Investment in Sonoco Products (NYSE:SON)

Lazard Asset Management LLC bought a new position in Sonoco Products (NYSE:SON - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 26,938 shares of the industrial products company's stock, valued at approximately $1,315,000.

Several other large investors have also recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after buying an additional 224 shares during the period. IFP Advisors Inc lifted its holdings in shares of Sonoco Products by 3.6% in the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after acquiring an additional 243 shares during the last quarter. Treasurer of the State of North Carolina boosted 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 worth $2,103,000 after purchasing an additional 270 shares during the period. Park Avenue Securities LLC grew its holdings in Sonoco Products by 2.2% during the 4th quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock valued at $688,000 after purchasing an additional 298 shares during the last quarter. Finally, 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 valued at $66,000 after purchasing an additional 351 shares during the last quarter. Institutional investors own 77.69% of the company's stock.

Insider Transactions at Sonoco Products

In related news, Director John R. Haley bought 2,246 shares of the business's stock in a transaction on Friday, May 2nd. The stock was acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the purchase, the director now directly owns 20,804 shares of the company's stock, valued at $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of the company's stock in a transaction dated Wednesday, April 30th. The stock was purchased at an average cost of $40.34 per share, with a total value of $220,861.50. Following the purchase, the director now owns 29,540 shares in the company, valued at approximately $1,191,643.60. This trade represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 50,721 shares of company stock valued at $2,206,646. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Stock Performance

SON traded down $0.77 on Wednesday, reaching $45.35. 537,935 shares of the stock were exchanged, compared to its average volume of 778,012. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The company's 50-day moving average price is $45.13 and its 200 day moving average price is $47.55. The firm has a market capitalization of $4.47 billion, a PE ratio of 27.49, a PEG ratio of 0.76 and a beta of 0.68.

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). The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $2.02 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Sonoco Products's quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. As a group, sell-side analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal 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 given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.67%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio is 137.66%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SON. Truist Financial dropped their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Raymond James reduced their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their price target on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group assumed coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.43.

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.