Edgestream Partners L.P. Buys 38,403 Shares of Sonoco Products Company (NYSE:SON)

Edgestream Partners L.P. boosted its position in Sonoco Products Company (NYSE:SON - Free Report) by 25.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 191,753 shares of the industrial products company's stock after purchasing an additional 38,403 shares during the period. Edgestream Partners L.P. owned about 0.19% of Sonoco Products worth $9,058,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. UMB Bank n.a. lifted its stake in Sonoco Products by 152.7% in the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 574 shares during the last quarter. Quarry LP lifted its stake 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 purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC lifted its stake in Sonoco Products by 90.6% in 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. Allworth Financial LP lifted its stake in Sonoco Products by 152.0% in the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 646 shares during the last quarter. Finally, True Wealth Design LLC lifted its stake 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 valued at $54,000 after purchasing an additional 950 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SON has been the subject of several recent analyst reports. UBS Group initiated coverage on shares of Sonoco Products in a research note on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 target price for the company. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price objective for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Raymond James Financial raised their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday. Truist Financial cut their price objective on shares of Sonoco Products from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Finally, Jefferies Financial Group assumed 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. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Sonoco Products has an average rating of "Moderate Buy" and an average target price of $56.75.

Insider Activity

In other news, CEO R. Howard Coker acquired 20,000 shares of the firm's stock in a transaction that occurred 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 completion of the purchase, the chief executive officer directly owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Haley acquired 2,246 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the purchase, the director directly owned 20,804 shares of the company's stock, valued at $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 27,721 shares of company stock worth $1,144,366. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Price Performance

Shares of NYSE SON traded up $0.60 during midday trading on Thursday, reaching $46.27. The company's stock had a trading volume of 632,435 shares, compared to its average volume of 766,877. 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 fifty-two week low of $39.46 and a fifty-two week high of $56.77. The business's 50 day moving average price is $45.31 and its two-hundred day moving average price is $46.00. The company has a market cap of $4.56 billion, a P/E ratio of 30.04, a P/E/G ratio of 0.59 and a beta of 0.68.

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

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.58%. Sonoco Products's payout ratio is 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.