Sonoco Products (NYSE:SON) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP cut its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 25.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,300 shares of the industrial products company's stock after selling 15,100 shares during the quarter. Two Sigma Advisers LP's holdings in Sonoco Products were worth $2,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SON. Cooper Creek Partners Management LLC bought a new stake in Sonoco Products during the fourth quarter valued at about $78,203,000. Norges Bank bought a new stake in shares of Sonoco Products in the fourth quarter worth about $60,984,000. Invenomic Capital Management LP increased its holdings 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 purchasing an additional 524,198 shares during the last quarter. Deprince Race & Zollo Inc. increased its holdings in shares of Sonoco Products by 53.4% in 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 during the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Sonoco Products in the fourth quarter worth about $15,533,000. 77.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on SON. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price on the stock. 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. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price objective for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Truist Financial reduced their price objective 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. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.43.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director now directly owns 20,804 shares of the company's stock, valued at approximately $927,234.28. This represents a 12.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 30th. The stock was acquired at an average cost of $40.34 per share, with a total value of $220,861.50. Following the purchase, the director now directly owns 29,540 shares of the company's stock, valued at $1,191,643.60. This represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 47,721 shares of company stock worth $2,066,366. Company insiders own 0.74% of the company's stock.

Sonoco Products Trading Up 0.1%

Shares of NYSE:SON traded up $0.03 during trading hours on Friday, hitting $45.62. 730,690 shares of the company's stock traded hands, compared to its average volume of 780,286. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. The business has a fifty day moving average price of $44.91 and a 200-day moving average price of $47.28. The firm has a market capitalization of $4.50 billion, a P/E ratio of 27.65, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. 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 (NYSE:SON - Get Free Report) last announced 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). The firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm's revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 EPS. Equities analysts expect that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a $0.53 dividend. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.65%. Sonoco Products's payout ratio 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.