Nuveen Asset Management LLC Cuts Stock Position in Sonoco Products (NYSE:SON)

Nuveen Asset Management LLC lessened its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 22.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 142,730 shares of the industrial products company's stock after selling 40,373 shares during the period. Nuveen Asset Management LLC owned approximately 0.15% of Sonoco Products worth $6,972,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Quarry LP grew its position 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 buying an additional 511 shares during the period. Colonial Trust Co SC boosted its stake in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after acquiring an additional 453 shares in the last quarter. Principal Securities Inc. grew its holdings in shares of Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after acquiring an additional 351 shares during the period. SRS Capital Advisors Inc. grew its holdings in shares of Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after acquiring an additional 1,297 shares during the period. 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 during the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Insider Buying and Selling at Sonoco Products

In other news, CEO R. Howard Coker purchased 20,000 shares of the company's stock in a transaction on Thursday, May 1st. The stock was bought at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the purchase, the chief executive officer now directly owns 502,365 shares of the company's stock, valued at $20,682,367.05. The trade was a 4.15% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction dated Wednesday, April 30th. The stock was purchased at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the purchase, the director now directly 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 disclosure for this purchase can be found here. Insiders acquired 47,721 shares of company stock worth $2,066,366 in the last 90 days. 0.74% of the stock is owned by company insiders.

Sonoco Products Trading Up 2.0%

Shares of SON traded up $0.89 on Tuesday, hitting $45.60. 557,003 shares of the stock traded hands, compared to its average volume of 779,905. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.57. The stock's 50 day moving average is $44.83 and its two-hundred day moving average is $47.21. The firm has a market capitalization of $4.50 billion, a P/E ratio of 27.64, a P/E/G ratio of 0.76 and a beta of 0.70. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly 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 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the firm posted $1.12 earnings per share. The company's revenue was up 30.6% on a year-over-year basis. As a group, sell-side analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.65%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is presently 137.66%.

Wall Street Analyst Weigh In

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

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.