Millennium Management LLC Sells 1,659,474 Shares of Sonoco Products (NYSE:SON)

Millennium Management LLC lowered its position in Sonoco Products (NYSE:SON - Free Report) by 92.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 137,256 shares of the industrial products company's stock after selling 1,659,474 shares during the quarter. Millennium Management LLC owned approximately 0.14% of Sonoco Products worth $6,705,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Quarry LP raised its holdings in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after purchasing an additional 511 shares in the last quarter. Colonial Trust Co SC raised its holdings in Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares in the last quarter. Principal Securities Inc. raised its holdings in 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. SRS Capital Advisors Inc. raised its holdings in Sonoco Products by 311.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after purchasing an additional 1,297 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in Sonoco Products by 11.5% during the fourth quarter. Spire Wealth Management now owns 3,599 shares of the industrial products company's stock worth $176,000 after purchasing an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.03 on Friday, hitting $45.62. The company's stock had a trading volume of 730,690 shares, compared to its average volume of 780,286. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm has a fifty day moving average price of $44.91 and a 200-day moving average price of $47.28. The company has a market capitalization of $4.50 billion, a P/E 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 released its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) 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 firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same quarter last year, the company posted $1.12 earnings per share. Sonoco Products's revenue for the quarter was up 30.6% on a year-over-year basis. On average, equities research analysts expect that Sonoco Products will post 6.1 earnings per share 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 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 of this dividend is Friday, May 9th. Sonoco Products's dividend payout ratio is 137.66%.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of research analyst reports. Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Jefferies Financial Group started coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price on the stock. Truist Financial dropped their price objective on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Raymond James dropped their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.43.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. acquired 5,475 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were acquired 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 of the company's stock, valued at approximately $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 47,721 shares of company stock worth $2,066,366 over the last ninety days. 0.74% of the stock is owned by insiders.

Sonoco Products Company 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.