World Investment Advisors purchased a new stake in Sonoco Products Company (NYSE:SON - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 28,521 shares of the industrial products company's stock, valued at approximately $1,347,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Arizona State Retirement System grew its position in Sonoco Products by 0.8% in the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock valued at $1,393,000 after purchasing an additional 224 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in shares of Sonoco Products by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after buying an additional 270 shares during the last quarter. IVC Wealth Advisors LLC grew its holdings in shares of Sonoco Products by 4.6% in the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after acquiring an additional 288 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Sonoco Products by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock valued at $543,000 after acquiring an additional 305 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in 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 acquiring an additional 368 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Stock Performance
Shares of SON stock traded up $0.16 during midday trading on Tuesday, hitting $46.51. 802,809 shares of the company were exchanged, compared to its average volume of 766,931. Sonoco Products Company has a 52 week low of $39.46 and a 52 week high of $56.77. The firm has a market capitalization of $4.59 billion, a P/E ratio of 30.20, a PEG ratio of 0.58 and a beta of 0.68. The firm's 50 day moving average price is $45.00 and its two-hundred day moving average price is $46.12. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.51 and a current ratio of 0.80.
Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The company's revenue was up 30.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.12 EPS. As a group, equities research analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current year.
Sonoco Products Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.56%. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.
Insider Activity
In related news, Director John R. Haley acquired 2,246 shares of the company's stock in a transaction on Friday, May 2nd. The stock was purchased at an average cost of $44.57 per share, with a total value of $100,104.22. Following the acquisition, the director directly owned 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. bought 5,475 shares of Sonoco Products stock in a transaction dated Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the acquisition, the director owned 29,540 shares in the company, valued at $1,191,643.60. This represents a 22.75% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the company. Jefferies Financial Group started coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target for the company. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Raymond James Financial dropped their price target on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. UBS Group initiated coverage on shares of Sonoco Products in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 price objective for the company. Finally, Truist Financial dropped their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Sonoco Products has an average rating of "Moderate Buy" and a consensus target price of $56.25.
Read Our Latest Research Report on SON
About Sonoco Products
(
Free Report)
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.
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