Private Management Group Inc. Grows Stock Holdings in Sonoco Products Company (NYSE:SON)

Key Points

• Private Management Group Inc. increased its stake in Sonoco Products Company by 42.3%, now owning over 831,528 shares worth approximately $39.3 million, making it the firm's 11th largest position.
• Sonoco Products reported a net margin of 8.35% and earnings per share of $1.37 for the most recent quarter, missing analysts' estimates of $1.44.
• The company declared a quarterly dividend of $0.53 per share, representing a 4.36% dividend yield, with a payout ratio of 137.66%.

Private Management Group Inc. raised its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 42.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 831,528 shares of the industrial products company's stock after purchasing an additional 247,138 shares during the quarter. Sonoco Products accounts for 1.4% of Private Management Group Inc.'s portfolio, making the stock its 11th largest position. Private Management Group Inc. owned approximately 0.84% of Sonoco Products worth $39,281,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SON. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock worth $43,000 after buying an additional 752 shares during the last quarter. UMB Bank n.a. boosted its position in Sonoco Products by 152.7% during the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after purchasing an additional 574 shares in the last quarter. Colonial Trust Co SC boosted its position 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. Quarry LP boosted 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 purchasing an additional 511 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Sonoco Products by 152.0% during the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after purchasing an additional 646 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Insiders Place Their Bets

In other Sonoco Products news, Director Robert R. Hill, Jr. bought 5,475 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was bought at an average price of $40.34 per share, with a total value of $220,861.50. Following the completion of the purchase, the director directly owned 29,540 shares in the company, valued at $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker bought 20,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were acquired at an average cost of $41.17 per share, with a total value of $823,400.00. Following the purchase, the chief executive officer owned 502,365 shares of the company's stock, valued at $20,682,367.05. The trade was a 4.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 27,721 shares of company stock valued at $1,144,366 over the last quarter. 0.74% of the stock is owned by insiders.

Analyst Ratings Changes

SON has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Jefferies Financial Group started coverage on Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Raymond James Financial increased their target price on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, UBS Group increased their target price on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products presently has an average rating of "Moderate Buy" and a consensus price target of $57.63.

Sonoco Products Price Performance

Shares of NYSE:SON traded down $0.24 during midday trading on Tuesday, hitting $47.46. The company had a trading volume of 290,825 shares, compared to its average volume of 848,297. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.77. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of 8.49, a price-to-earnings-growth ratio of 0.62 and a beta of 0.68. The business's 50-day simple moving average is $45.58 and its 200-day simple moving average is $45.98.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.07). The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 EPS. On average, research analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 4.47%. Sonoco Products's dividend payout ratio (DPR) is 37.99%.

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.