Sonoco Products (NYSE:SON) Shares Sold by Royal Bank of Canada

Royal Bank of Canada reduced its position in Sonoco Products (NYSE:SON - Free Report) by 6.1% in the 4th quarter, according to its most recent filing with the SEC. 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 1.34% of Sonoco Products worth $64,276,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Private Management Group Inc. lifted its stake in Sonoco Products by 27.7% in the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company's stock valued at $28,547,000 after buying an additional 126,867 shares during the last quarter. Quilter Plc increased its holdings in shares of Sonoco Products by 3.1% in the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company's stock valued at $14,615,000 after acquiring an additional 8,895 shares during the period. Synergy Asset Management LLC raised its position in Sonoco Products by 9.0% in the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock valued at $3,610,000 after purchasing an additional 5,505 shares during the last quarter. Northern Trust Corp boosted its stake in Sonoco Products by 24.0% during the 4th quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock worth $42,002,000 after purchasing an additional 166,552 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Sonoco Products during the 4th quarter worth $15,533,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SON. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $45.00 to $55.00 in a research report on Friday. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective for the company. Truist Financial reduced their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Raymond James cut their price target on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Sonoco Products currently has an average rating of "Moderate Buy" and a consensus price target of $57.43.

Sonoco Products Price Performance

Shares of SON traded up $0.58 during trading hours on Monday, reaching $45.69. The company had a trading volume of 705,140 shares, compared to its average volume of 780,448. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 0.76 and a beta of 0.68. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73. The firm has a 50 day simple moving average of $45.05 and a 200-day simple moving average of $47.43. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). The company had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The company's quarterly revenue was up 30.6% on a year-over-year basis. During the same period last year, the business posted $1.12 earnings per share. Research analysts expect that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be given a $0.53 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.64%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Insider Transactions at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker purchased 20,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were acquired at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the transaction, the chief executive officer now directly owns 502,365 shares of the company's stock, valued at $20,682,367.05. This trade represents a 4.15% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John R. Haley acquired 2,246 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director now owns 20,804 shares in the company, valued at approximately $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 bought 50,721 shares of company stock valued at $2,206,646 in the last 90 days. 0.74% of the stock is currently owned by 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.