UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Stock Position in Sonoco Products (NYSE:SON)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 15.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 290,124 shares of the industrial products company's stock after selling 53,759 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.30% of Sonoco Products worth $14,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of SON. Barclays PLC boosted its stake in shares of Sonoco Products by 29.8% during 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 period. KBC Group NV boosted its position in Sonoco Products by 42.6% during 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 period. Perigon Wealth Management LLC bought a new stake in Sonoco Products in the 4th quarter worth $251,000. 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 period. Finally, Spire Wealth Management raised its stake in shares of Sonoco Products by 11.5% during the fourth quarter. Spire Wealth Management now owns 3,599 shares of the industrial products company's stock valued at $176,000 after acquiring an additional 370 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Up 2.0%

Shares of Sonoco Products stock traded up $0.89 during trading on Tuesday, hitting $45.60. The company's stock had a trading volume of 557,003 shares, compared to its average volume of 779,905. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $61.57. 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 fifty day simple moving average of $44.83 and a two-hundred day simple moving average of $47.21. The company has a market capitalization of $4.50 billion, a PE ratio of 27.64, a P/E/G ratio of 0.76 and a beta of 0.70.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). The business had revenue of $1.71 billion for 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%. Sonoco Products's revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.12 earnings per share. Equities research analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a dividend yield of 4.65%. Sonoco Products's dividend payout ratio (DPR) is presently 137.66%.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley purchased 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 transaction, the director now directly owns 20,804 shares of the company's stock, valued at approximately $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO R. Howard Coker acquired 20,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was acquired at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the transaction, the chief executive officer now directly owns 502,365 shares in the company, valued at $20,682,367.05. This represents a 4.15% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 47,721 shares of company stock valued at $2,066,366 in the last quarter. 0.74% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Truist Financial decreased their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Raymond James cut their price target on shares of 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 upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Finally, Jefferies Financial Group began coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $57.43.

Sonoco Products Company 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.