Sonoco Products (NYSE:SON) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC reduced its position in Sonoco Products (NYSE:SON - Free Report) by 22.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 142,730 shares of the industrial products company's stock after selling 40,373 shares during the quarter. Nuveen Asset Management LLC owned about 0.15% of Sonoco Products worth $6,972,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sonoco Products by 16.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,014 shares of the industrial products company's stock worth $1,662,000 after purchasing an additional 4,832 shares during the period. Lazard Asset Management LLC purchased a new stake in Sonoco Products during the fourth quarter worth about $1,315,000. Invenomic Capital Management LP grew its position in Sonoco Products by 368.6% during the fourth 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. Janus Henderson Group PLC grew its position in Sonoco Products by 5.9% during the fourth quarter. Janus Henderson Group PLC now owns 43,287 shares of the industrial products company's stock worth $2,113,000 after buying an additional 2,400 shares during the period. Finally, Gotham Asset Management LLC grew its position in Sonoco Products by 57.1% during the fourth quarter. Gotham Asset Management LLC now owns 242,315 shares of the industrial products company's stock worth $11,837,000 after buying an additional 88,115 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on SON. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Raymond James lowered 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. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Truist Financial dropped their price target 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. Finally, Jefferies Financial Group started coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Sonoco Products currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.43.

Insider Activity

In related news, Director Robert R. Hill, Jr. purchased 5,475 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was acquired 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Haley purchased 2,246 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the acquisition, the director now directly owns 20,804 shares of the company's stock, valued at $927,234.28. This represents a 12.10% 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 valued at $2,066,366 in the last three months. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Trading Up 0.1%

Shares of NYSE SON traded up $0.03 on Friday, reaching $45.62. 730,690 shares of the company traded hands, compared to its average volume of 780,286. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The stock has a market capitalization of $4.50 billion, a PE ratio of 27.65, a P/E/G ratio of 0.76 and a beta of 0.68. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The company has a 50 day moving average of $44.91 and a 200 day moving average of $47.30.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results 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). The company 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%. The business's revenue for the quarter was up 30.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 EPS. On average, equities research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a $0.53 dividend. This is a positive change 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 is Friday, May 9th. Sonoco Products's payout ratio is currently 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.