Lazard Asset Management LLC bought a new position in shares of Sonoco Products (NYSE:SON - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,938 shares of the industrial products company's stock, valued at approximately $1,315,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System increased its position in shares of 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 purchasing an additional 224 shares in the last quarter. IFP Advisors Inc increased its position in shares of Sonoco Products by 3.6% during the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after purchasing an additional 243 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Sonoco Products by 0.6% during the fourth 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 in the last quarter. Park Avenue Securities LLC increased its position in shares of Sonoco Products by 2.2% during the fourth quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock worth $688,000 after purchasing an additional 298 shares in the last quarter. Finally, Principal Securities Inc. increased its position in shares of Sonoco Products by 35.0% during the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after purchasing an additional 351 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on SON. Wells Fargo & Company upgraded 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. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group initiated coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. Raymond James dropped their price target on 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, Truist Financial dropped their price target on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.43.
View Our Latest Stock Report on Sonoco Products
Sonoco Products Stock Performance
SON traded up $0.58 during trading on Friday, reaching $45.69. The company's stock had a trading volume of 705,140 shares, compared to its average volume of 780,448. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company's fifty day moving average price is $45.05 and its 200-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 debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.
Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same period in the prior year, the firm posted $1.12 EPS. Sonoco Products's revenue for the quarter was up 30.6% compared to the same quarter last year. On average, equities analysts forecast 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. Shareholders of record on Friday, May 9th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.64%. The ex-dividend date is Friday, May 9th. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is currently 137.66%.
Insider Buying and Selling at Sonoco Products
In other news, Director John R. Haley purchased 2,246 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the acquisition, the director now directly owns 20,804 shares in the company, valued at approximately $927,234.28. The trade was a 12.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, 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. In the last 90 days, insiders have acquired 50,721 shares of company stock valued at $2,206,646. 0.74% of the stock is owned by corporate insiders.
About Sonoco Products
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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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