Sonoco Products (NYSE:SON) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 15.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,380 shares of the industrial products company's stock after purchasing an additional 8,432 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.07% of Sonoco Products worth $3,145,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Quarry LP grew its position in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after buying an additional 511 shares during the period. Colonial Trust Co SC boosted its position in Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after acquiring 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 acquiring an additional 950 shares during the last quarter. Principal Securities Inc. boosted its position 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 worth $66,000 after acquiring an additional 351 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in Sonoco Products by 311.8% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after purchasing an additional 1,297 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

SON has been the subject of a number of recent analyst reports. Truist Financial dropped their price target on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Raymond James 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 report on Tuesday, April 22nd. UBS Group began coverage on shares of Sonoco Products in a report on Wednesday. They issued a "neutral" rating and a $48.00 price objective for the company. Finally, 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 price target for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.25.

Insider Activity at Sonoco Products

In related news, CEO R. Howard Coker purchased 20,000 shares of the stock in a transaction dated 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 purchase, the chief executive officer now directly owns 502,365 shares in the company, valued at $20,682,367.05. This trade represents a 4.15% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of the stock in a transaction dated Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the purchase, the director now owns 29,540 shares in the company, valued at approximately $1,191,643.60. This trade represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 47,721 shares of company stock worth $2,066,366 in the last 90 days. 0.74% of the stock is owned by insiders.

Sonoco Products Stock Up 0.7%

Shares of NYSE:SON traded up $0.31 during trading on Thursday, hitting $45.07. 478,356 shares of the company were exchanged, compared to its average volume of 780,875. The stock has a market capitalization of $4.45 billion, a P/E ratio of 27.32, a PEG ratio of 0.76 and a beta of 0.70. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.13. The firm's 50 day moving average price is $44.80 and its 200-day moving average price is $47.19.

Sonoco Products (NYSE:SON - Get Free Report) last issued 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). The company had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $2.02 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm's quarterly revenue was up 30.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. On average, research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a $0.53 dividend. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.70%. Sonoco Products's dividend payout ratio is 137.66%.

Sonoco Products 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.