Steel Grove Capital Advisors LLC Purchases 30,748 Shares of Sonoco Products Company (NYSE:SON)

Steel Grove Capital Advisors LLC increased its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 458.1% during the first 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 acquiring an additional 30,748 shares during the quarter. Steel Grove Capital Advisors LLC's holdings in Sonoco Products were worth $1,770,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its holdings 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 buying an additional 574 shares in the last quarter. Quarry LP raised its stake in shares of 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. Colonial Trust Co SC lifted its holdings 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 worth $47,000 after purchasing an additional 453 shares during the last quarter. True Wealth Design LLC boosted its position in Sonoco Products by 650.7% during the fourth 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. grew its holdings in Sonoco Products by 35.0% during the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock valued at $66,000 after purchasing an additional 351 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Stock Down 0.3%

Sonoco Products stock traded down $0.15 during midday trading on Friday, reaching $43.32. The stock had a trading volume of 169,009 shares, compared to its average volume of 782,642. The stock has a market capitalization of $4.27 billion, a P/E ratio of 28.13, a price-to-earnings-growth ratio of 0.54 and a beta of 0.70. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $57.21. The firm's fifty day simple moving average is $44.96 and its 200-day simple moving average is $46.72. 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 (NYSE:SON - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The company's quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.12 earnings per share. As a group, analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is presently 137.66%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Truist Financial decreased their price objective on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price target for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Raymond James Financial dropped their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $56.25.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 2,246 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the acquisition, the director now directly owns 20,804 shares in the company, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction that occurred 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 of the company's stock, 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. Over the last ninety days, insiders purchased 27,721 shares of company stock worth $1,144,366. Corporate insiders own 0.74% of the company's stock.

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.