SG Americas Securities LLC Sells 84,032 Shares of Sonoco Products Company (NYSE:SON)

SG Americas Securities LLC trimmed its stake in Sonoco Products Company (NYSE:SON - Free Report) by 74.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,389 shares of the industrial products company's stock after selling 84,032 shares during the period. SG Americas Securities LLC's holdings in Sonoco Products were worth $1,388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SON. UMB Bank n.a. grew 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 valued at $45,000 after acquiring an additional 574 shares during the last quarter. Colonial Trust Co SC grew its holdings 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 valued at $47,000 after purchasing an additional 453 shares during the last quarter. Quarry LP grew its holdings in shares of Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. True Wealth Design LLC raised its position in Sonoco Products by 650.7% in the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock worth $54,000 after purchasing an additional 950 shares during the period. Finally, Principal Securities Inc. lifted its stake in Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after purchasing an additional 351 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction on Wednesday, April 30th. The stock was acquired at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the purchase, the director now owns 29,540 shares in the company, valued at $1,191,643.60. This trade represents a 22.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Haley bought 2,246 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was purchased at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the purchase, the director now owns 20,804 shares of the company's stock, valued at approximately $927,234.28. This represents a 12.10% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 27,721 shares of company stock worth $1,144,366. 0.74% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SON has been the subject of several analyst reports. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and increased their target price for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Truist Financial cut their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. 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 target for the company. Raymond James Financial decreased their price objective 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. Finally, UBS Group initiated coverage on Sonoco Products in a research note on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.25.

Sonoco Products Trading Down 0.7%

Shares of NYSE SON traded down $0.30 during midday trading on Friday, hitting $43.16. 357,926 shares of the company traded hands, compared to its average volume of 808,294. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.51 and a current ratio of 0.80. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.83. The stock has a 50-day moving average price of $44.96 and a 200 day moving average price of $46.72. The firm has a market cap of $4.26 billion, a P/E ratio of 28.02, a P/E/G ratio of 0.54 and a beta of 0.70.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the prior year, the company posted $1.12 EPS. The firm's revenue was up 30.6% on a year-over-year basis. As a group, analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.91%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is presently 137.66%.

About Sonoco Products

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.