Sonoco Products (NYSE:SON) Shares Acquired by Tidal Investments LLC

Tidal Investments LLC lifted its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 35.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 35,228 shares of the industrial products company's stock after buying an additional 9,287 shares during the quarter. Tidal Investments LLC's holdings in Sonoco Products were worth $1,721,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of SON. Arizona State Retirement System boosted its holdings in Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after acquiring an additional 224 shares during the last quarter. IFP Advisors Inc increased its position in shares of Sonoco Products by 3.6% during the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after buying an additional 243 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Sonoco Products by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after buying an additional 270 shares during the period. Principal Securities Inc. increased its position in shares of 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 buying an additional 351 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Sonoco Products by 4.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,419 shares of the industrial products company's stock worth $460,000 after purchasing an additional 368 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Insider Transactions at Sonoco Products

In related news, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John R. Haley acquired 2,246 shares of the company's stock in a transaction 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 of the company's stock, valued at $927,234.28. This trade represents a 12.10% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 47,721 shares of company stock worth $2,066,366 over the last three months. 0.74% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SON. Truist Financial cut their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Wells Fargo & Company upgraded 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 report on Friday, May 23rd. Raymond James decreased their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.43.

Sonoco Products Trading Down 0.9%

Shares of Sonoco Products stock traded down $0.40 on Thursday, reaching $45.32. The company had a trading volume of 86,133 shares, compared to its average volume of 777,273. The firm's 50-day moving average price is $44.95 and its two-hundred day moving average price is $47.37. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. 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 firm has a market cap of $4.47 billion, a price-to-earnings ratio of 27.47, a P/E/G ratio of 0.76 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results 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). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the company posted $1.12 EPS. Sonoco Products's quarterly revenue was up 30.6% compared to the same quarter last year. As a group, research analysts predict 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. Stockholders of record on Friday, May 9th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.68%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is presently 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.