MTM Investment Management LLC Takes $372,000 Position in Sonoco Products Company (NYSE:SON)

MTM Investment Management LLC purchased a new stake in shares of Sonoco Products Company (NYSE:SON - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,766 shares of the industrial products company's stock, valued at approximately $372,000.

Other large investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its position in Sonoco Products by 1.2% in the first quarter. New York State Common Retirement Fund now owns 340,301 shares of the industrial products company's stock valued at $16,076,000 after purchasing an additional 4,193 shares during the period. State of Michigan Retirement System raised its holdings in Sonoco Products by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after buying an additional 300 shares during the period. Allworth Financial LP lifted its position in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after buying an additional 646 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Sonoco Products by 43.6% during the first quarter. Nisa Investment Advisors LLC now owns 8,020 shares of the industrial products company's stock worth $379,000 after buying an additional 2,435 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its position in shares of Sonoco Products by 3.6% during the first quarter. Linden Thomas Advisory Services LLC now owns 12,482 shares of the industrial products company's stock valued at $590,000 after acquiring an additional 434 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Price Performance

SON stock opened at $46.25 on Monday. The business's 50-day moving average is $45.22 and its two-hundred day moving average is $46.05. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The firm has a market capitalization of $4.56 billion, a P/E ratio of 30.03, a P/E/G ratio of 0.61 and a beta of 0.68. Sonoco Products Company has a 1 year low of $39.46 and a 1 year high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. 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 anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.58%. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date was Friday, May 9th. Sonoco Products's payout ratio is 137.66%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SON. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. UBS Group started coverage on Sonoco Products in a research note on Wednesday, June 4th. They set a "neutral" rating and a $48.00 price target on the stock. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Raymond James Financial cut 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. Finally, Truist Financial lowered their target price on Sonoco Products from $54.00 to $53.00 and set a "buy" rating for the company in a report on Friday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.13.

Insider Transactions at Sonoco Products

In related news, CEO R. Howard Coker acquired 20,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were bought at an average price of $41.17 per share, with a total value of $823,400.00. Following the completion of the acquisition, the chief executive officer owned 502,365 shares in the company, valued at $20,682,367.05. This trade represents a 4.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction dated Friday, May 2nd. The shares were bought at an average price of $44.57 per share, with a total value of $100,104.22. Following the transaction, the director directly owned 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 ninety days, insiders acquired 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding SON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonoco Products Company (NYSE:SON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.