Bank of New York Mellon Corp Has $49.80 Million Stake in Sonoco Products Company (NYSE:SON)

Bank of New York Mellon Corp decreased its holdings in Sonoco Products Company (NYSE:SON - Free Report) by 4.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,054,197 shares of the industrial products company's stock after selling 53,438 shares during the period. Bank of New York Mellon Corp owned approximately 1.07% of Sonoco Products worth $49,800,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. UMB Bank n.a. increased its stake in Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after buying an additional 574 shares during the period. Quarry LP grew its stake in 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 in the last quarter. Colonial Trust Co SC boosted its stake 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 buying an additional 453 shares during the last quarter. True Wealth Design LLC grew its position in shares of 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 buying an additional 950 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in Sonoco Products by 474.8% in the first quarter. Versant Capital Management Inc now owns 2,299 shares of the industrial products company's stock valued at $109,000 after acquiring an additional 1,899 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John R. Haley acquired 2,246 shares of the business's stock in a transaction that occurred on 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 purchase, the director owned 20,804 shares of the company's stock, valued at approximately $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction dated Thursday, May 1st. The stock was purchased at an average price 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 disclosure for this purchase can be found here. Insiders bought a total of 27,721 shares of company stock worth $1,144,366 in the last three months. 0.74% of the stock is owned by insiders.

Sonoco Products Price Performance

Sonoco Products stock traded down $0.02 during mid-day trading on Tuesday, hitting $46.08. The company's stock had a trading volume of 45,986 shares, compared to its average volume of 761,705. The stock has a market capitalization of $4.55 billion, a P/E ratio of 29.88, a P/E/G ratio of 0.61 and a beta of 0.68. The company has a quick ratio of 0.51, a current ratio of 0.80 and a debt-to-equity ratio of 2.02. The stock's fifty day moving average price is $45.22 and its two-hundred day moving average price is $46.05. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.77.

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

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a dividend of $0.53 per share. This is a boost 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 yield of 4.60%. Sonoco Products's dividend payout ratio (DPR) is presently 137.66%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SON shares. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Jefferies Financial Group began coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective on the stock. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Truist Financial decreased their target price 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. Finally, Raymond James Financial lowered their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $56.13.

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.