Sonoco Products Company (NYSE:SON) Stock Position Raised by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC boosted its stake in Sonoco Products Company (NYSE:SON - Free Report) by 458.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,460 shares of the industrial products company's stock after buying an additional 30,748 shares during the period. Steel Grove Capital Advisors LLC's holdings in Sonoco Products were worth $1,770,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue grew its stake in shares of Sonoco Products by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock worth $543,000 after purchasing an additional 305 shares in the last quarter. LifeWealth Investments LLC bought a new position in shares of Sonoco Products in the first quarter worth $243,000. Bfsg LLC grew its stake in shares of Sonoco Products by 34.2% in the first quarter. Bfsg LLC now owns 6,156 shares of the industrial products company's stock worth $291,000 after purchasing an additional 1,570 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Sonoco Products by 29.8% in the first quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company's stock worth $1,087,000 after purchasing an additional 5,278 shares in the last quarter. Finally, Pinion Investment Advisors LLC grew its stake in shares of Sonoco Products by 161.5% in the first quarter. Pinion Investment Advisors LLC now owns 28,456 shares of the industrial products company's stock worth $1,344,000 after purchasing an additional 17,574 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Truist Financial decreased their price target on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Raymond James Financial decreased their target price on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. UBS Group assumed coverage on Sonoco Products in a research note on Wednesday, June 4th. They set a "neutral" rating and a $48.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.25.

Sonoco Products Price Performance

SON stock traded down $0.38 during trading hours on Friday, hitting $43.08. 1,100,721 shares of the stock traded hands, compared to its average volume of 766,577. The company has a current ratio of 0.80, a quick ratio of 0.51 and a debt-to-equity ratio of 2.02. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.77. The company has a market cap of $4.25 billion, a P/E ratio of 27.97, a P/E/G ratio of 0.54 and a beta of 0.70. The stock has a 50-day simple moving average of $44.96 and a 200 day simple moving average of $46.62.

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 company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the business earned $1.12 EPS. The company's revenue for the quarter was up 30.6% compared to the same quarter last year. Equities analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a $0.53 dividend. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date was Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.92%. Sonoco Products's dividend payout ratio (DPR) is 137.66%.

Insider Activity at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, May 1st. The stock was purchased at an average cost of $41.17 per share, with a total value of $823,400.00. Following the purchase, the chief executive officer now owns 502,365 shares in the company, valued at approximately $20,682,367.05. The trade was a 4.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The stock was 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 position. The disclosure for this purchase can be found here. Insiders purchased 27,721 shares of company stock worth $1,144,366 in the last quarter. 0.74% of the stock is owned by company 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.