Royal Bank of Canada Has $64.28 Million Position in Sonoco Products (NYSE:SON)

Royal Bank of Canada reduced its position in shares of Sonoco Products (NYSE:SON - Free Report) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,315,790 shares of the industrial products company's stock after selling 85,032 shares during the period. Royal Bank of Canada owned approximately 1.34% of Sonoco Products worth $64,276,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC lifted its holdings in 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 purchasing an additional 453 shares during the last quarter. Quarry LP raised its holdings in Sonoco Products by 111.3% in the 4th quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 511 shares in the last quarter. Principal Securities Inc. raised its holdings in Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 351 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in 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 valued at $84,000 after acquiring an additional 1,297 shares in the last quarter. Finally, Albion Financial Group UT acquired a new position in Sonoco Products in the 4th quarter valued at $84,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Raymond James dropped their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Finally, Truist Financial dropped their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Sonoco Products currently has a consensus rating of "Moderate Buy" and an average price target of $56.43.

Insider Buying and Selling

In other news, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the transaction, the director now directly owns 20,804 shares of the company's stock, valued at approximately $927,234.28. The trade was a 12.10% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 30th. The shares were purchased at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the transaction, the director now directly owns 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 disclosure for this purchase can be found here. Insiders have bought 50,721 shares of company stock worth $2,206,646 in the last 90 days. Insiders own 0.74% of the company's stock.

Sonoco Products Price Performance

Sonoco Products stock opened at $46.13 on Wednesday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $61.73. The stock has a market capitalization of $4.55 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The stock has a fifty day moving average of $45.13 and a 200-day moving average of $47.56.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the firm posted $1.12 EPS. Sonoco Products's quarterly revenue was up 30.6% on a year-over-year basis. On average, sell-side analysts expect 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. Investors of record on Friday, May 9th will be given a dividend of $0.53 per share. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a yield of 4.60%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. 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.

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