GAMMA Investing LLC Buys 130,909 Shares of Sonoco Products (NYSE:SON)

GAMMA Investing LLC lifted its holdings in Sonoco Products (NYSE:SON - Free Report) by 4,145.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,067 shares of the industrial products company's stock after acquiring an additional 130,909 shares during the quarter. GAMMA Investing LLC owned approximately 0.14% of Sonoco Products worth $6,333,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Cooper Creek Partners Management LLC acquired a new position in Sonoco Products in the fourth quarter worth $78,203,000. Norges Bank acquired a new position in Sonoco Products during the 4th quarter worth about $60,984,000. Invenomic Capital Management LP raised its stake in shares of Sonoco Products by 368.6% in the fourth quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock worth $32,555,000 after acquiring an additional 524,198 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in shares of Sonoco Products by 53.4% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock worth $62,143,000 after purchasing an additional 442,892 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Sonoco Products during the fourth quarter valued at approximately $15,533,000. 77.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SON shares. UBS Group initiated coverage on Sonoco Products in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 price objective on the stock. Truist Financial cut their price target on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price on the stock. Finally, Raymond James cut their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock 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 MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.25.

Sonoco Products Trading Down 1.8%

SON stock traded down $0.82 during midday trading on Wednesday, hitting $45.20. 553,176 shares of the company's stock were exchanged, compared to its average volume of 782,968. Sonoco Products has a one year low of $39.46 and a one year high of $59.34. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The company has a market cap of $4.46 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 0.76 and a beta of 0.70. The stock's fifty day moving average price is $44.65 and its 200-day moving average price is $47.04.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data 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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the firm earned $1.12 EPS. The company's revenue for the quarter was up 30.6% on a year-over-year basis. Research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.69%. The ex-dividend date was Friday, May 9th. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is 137.66%.

Insider Transactions at Sonoco Products

In other news, 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 acquired at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the acquisition, the director now 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, May 1st. The shares were bought at an average cost of $41.17 per share, with a total value of $823,400.00. Following the completion of the transaction, the chief executive officer now directly owns 502,365 shares of the company's stock, valued at approximately $20,682,367.05. The trade was a 4.15% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 47,721 shares of company stock valued at $2,066,366 over the last quarter. Corporate insiders own 0.74% of the company's stock.

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.