Squarepoint Ops LLC Lowers Holdings in Sonoco Products (NYSE:SON)

Squarepoint Ops LLC lessened its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 70.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 65,665 shares of the industrial products company's stock after selling 153,195 shares during the quarter. Squarepoint Ops LLC owned 0.07% of Sonoco Products worth $3,208,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SON. Barclays PLC raised its holdings in shares of Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock valued at $5,184,000 after purchasing an additional 21,799 shares during the last quarter. KBC Group NV increased its stake in Sonoco Products by 42.6% in the 4th quarter. KBC Group NV now owns 3,750 shares of the industrial products company's stock valued at $183,000 after buying an additional 1,120 shares during the last quarter. Cascade Investment Advisors Inc. increased its position in shares of Sonoco Products by 2.9% in the fourth quarter. Cascade Investment Advisors Inc. now owns 27,747 shares of the industrial products company's stock valued at $1,355,000 after acquiring an additional 780 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Sonoco Products in the fourth quarter valued at about $251,000. Finally, Synergy Asset Management LLC increased its position in shares of Sonoco Products by 9.0% in the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company's stock valued at $3,610,000 after acquiring an additional 5,505 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SON. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Raymond James reduced their target price on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target on the stock. Finally, Truist Financial cut their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $57.43.

Insider Activity at Sonoco Products

In other news, Director Robert R. Hill, Jr. purchased 5,475 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were acquired at an average price of $40.34 per share, with a total value of $220,861.50. Following the acquisition, the director now directly owns 29,540 shares in the company, valued at approximately $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, with a total value of $922,000.00. Following the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 47,721 shares of company stock valued at $2,066,366. Corporate insiders own 0.74% of the company's stock.

Sonoco Products Stock Down 0.4%

Shares of NYSE:SON traded down $0.20 during trading on Thursday, reaching $45.52. 679,255 shares of the stock were exchanged, compared to its average volume of 779,574. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The stock has a fifty day moving average of $44.95 and a two-hundred day moving average of $47.37. Sonoco Products has a 1-year low of $39.46 and a 1-year high of $61.73. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS 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 firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same quarter in the prior year, the company earned $1.12 EPS. The business's revenue for the quarter was up 30.6% on a year-over-year basis. Research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.66%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is currently 137.66%.

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.