Wedge Capital Management L L P NC Has $8.43 Million Stock Holdings in Sonoco Products Company $SON

Key Points

• Wedge Capital Management L L P NC raised its stake in Sonoco by 28.2% in Q4 to 193,189 shares, worth about $8.43 million (roughly 0.20% of the company).
• Other institutional investors also boosted positions — notably UBS (+87.9% to 545,179 shares) and Goldman Sachs (+80.8% to 206,493 shares) — leaving institutions owning about 77.69% of Sonoco.
• Sonoco beat Q4 EPS estimates ($1.05 vs. $1.01) with revenue up 29.7% YoY; the stock yields 4.0%, trades at a PE of 5.29, and carries an average analyst rating of "Hold" with a $62.13 price target.

Wedge Capital Management L L P NC raised its stake in Sonoco Products Company (NYSE:SON - Free Report) by 28.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,189 shares of the industrial products company's stock after purchasing an additional 42,457 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.20% of Sonoco Products worth $8,431,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sonoco Products by 44.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company's stock valued at $2,319,000 after buying an additional 15,079 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Sonoco Products by 80.8% during the first quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company's stock worth $9,755,000 after acquiring an additional 92,286 shares in the last quarter. Empowered Funds LLC lifted its stake in Sonoco Products by 14.1% in the first quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company's stock valued at $522,000 after acquiring an additional 1,364 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company's stock valued at $25,754,000 after acquiring an additional 255,055 shares during the last quarter. Finally, Creative Planning grew its position in shares of Sonoco Products by 72.0% in the 2nd quarter. Creative Planning now owns 24,636 shares of the industrial products company's stock valued at $1,073,000 after acquiring an additional 10,312 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SON shares. Wells Fargo & Company dropped their target price on shares of Sonoco Products from $60.00 to $56.00 and set an "equal weight" rating on the stock in a report on Friday, March 20th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Sonoco Products in a report on Wednesday, January 21st. Wall Street Zen raised Sonoco Products from a "hold" rating to a "buy" rating in a research report on Saturday, February 7th. Robert W. Baird raised their price objective on Sonoco Products from $48.00 to $60.00 and gave the company a "neutral" rating in a research report on Wednesday, February 18th. Finally, UBS Group lifted their target price on Sonoco Products from $48.00 to $62.00 and gave the stock a "neutral" rating in a research note on Thursday, February 19th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $62.13.

Insiders Place Their Bets

In related news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the sale, the insider directly owned 9,377 shares of the company's stock, valued at approximately $528,769.03. The trade was a 14.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.98% of the stock is owned by company insiders.

Sonoco Products Stock Performance

Shares of NYSE:SON opened at $53.31 on Friday. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $58.44. The company's 50 day moving average price is $52.34 and its two-hundred day moving average price is $46.16. The firm has a market cap of $5.27 billion, a PE ratio of 5.29, a PEG ratio of 1.07 and a beta of 0.51. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm's quarterly revenue was up 29.7% on a year-over-year basis. Equities research analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, February 25th. Sonoco Products's dividend payout ratio (DPR) is 21.05%.

About Sonoco Products

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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