Sonoco Products (NYSE:SON) Shares Purchased by Voloridge Investment Management LLC

Voloridge Investment Management LLC raised its position in Sonoco Products (NYSE:SON - Free Report) by 106.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,510 shares of the industrial products company's stock after purchasing an additional 96,190 shares during the period. Voloridge Investment Management LLC owned 0.19% of Sonoco Products worth $9,111,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Barclays PLC lifted its holdings in shares of Sonoco Products by 29.8% during the 3rd quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock worth $5,184,000 after acquiring an additional 21,799 shares during the last quarter. Merit Financial Group LLC purchased a new position in Sonoco Products in the 4th quarter worth $298,000. SG Americas Securities LLC raised its position in Sonoco Products by 710.7% in the 4th quarter. SG Americas Securities LLC now owns 113,421 shares of the industrial products company's stock worth $5,541,000 after purchasing an additional 99,431 shares during the period. KBC Group NV raised its position 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 worth $183,000 after purchasing an additional 1,120 shares during the period. Finally, Cascade Investment Advisors Inc. raised its position in Sonoco Products by 2.9% in the 4th quarter. Cascade Investment Advisors Inc. now owns 27,747 shares of the industrial products company's stock worth $1,355,000 after purchasing an additional 780 shares during the period. 77.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Robert R. Hill, Jr. bought 5,475 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, with a total value of $220,861.50. Following the transaction, the director now directly owns 29,540 shares of the company's stock, valued at approximately $1,191,643.60. This represents a 22.75% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Haley bought 2,246 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the transaction, the director now directly owns 20,804 shares in the company, valued at approximately $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 47,721 shares of company stock worth $2,066,366 in the last ninety days. 0.74% of the stock is owned by corporate insiders.

Sonoco Products Stock Down 0.9%

NYSE SON traded down $0.39 during trading on Friday, reaching $45.20. 74,276 shares of the company's stock traded hands, compared to its average volume of 778,481. 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 $4.46 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The company's 50 day simple moving average is $44.93 and its two-hundred day simple moving average is $47.34. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business's revenue was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share. As a group, sell-side analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders 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. This represents a $2.12 annualized dividend and a dividend yield of 4.69%. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio is currently 137.66%.

Analysts Set New Price Targets

SON has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Truist Financial reduced their price target 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. Raymond James dropped their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Wells Fargo & Company raised shares of 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, Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Two 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 an average rating of "Moderate Buy" and a consensus price target of $57.43.

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.