Freestone Grove Partners LP acquired a new position in shares of Sonoco Products (NYSE:SON - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 12,306 shares of the industrial products company's stock, valued at approximately $601,000.
Other institutional investors have also modified their holdings of the company. Comerica Bank raised its stake in Sonoco Products by 5.4% during the fourth quarter. Comerica Bank now owns 42,858 shares of the industrial products company's stock valued at $2,094,000 after buying an additional 2,186 shares in the last quarter. AQR Capital Management LLC lifted its stake in Sonoco Products by 49.3% during the fourth quarter. AQR Capital Management LLC now owns 886,332 shares of the industrial products company's stock worth $43,262,000 after purchasing an additional 292,772 shares during the last quarter. Northern Trust Corp boosted its holdings in Sonoco Products by 24.0% in the fourth quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock worth $42,002,000 after purchasing an additional 166,552 shares during the period. Quarry LP increased its stake in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. Finally, Earnest Partners LLC boosted its stake in Sonoco Products by 0.4% in the fourth quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock valued at $126,746,000 after acquiring an additional 10,661 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.
Sonoco Products Price Performance
Shares of NYSE SON traded down $0.06 during trading on Friday, hitting $44.46. The company had a trading volume of 192,957 shares, compared to its average volume of 772,320. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $61.73. The business's 50-day moving average is $45.25 and its 200 day moving average is $47.98. The company has a market cap of $4.39 billion, a P/E ratio of 26.95, a PEG ratio of 0.76 and a beta of 0.68. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.
Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.71 billion for the quarter, compared to analysts' expectations of $2.02 billion. During the same period in the prior year, the company posted $1.12 earnings per share. Sonoco Products's quarterly revenue was up 30.6% compared to the same quarter last year. Equities research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.
Sonoco Products Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $0.53 dividend. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a yield of 4.77%. Sonoco Products's dividend payout ratio is presently 137.66%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on SON. Wells Fargo & Company reduced their price objective on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research report on Monday, February 24th. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday. Jefferies Financial Group started 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 for the company. Raymond James 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 note on Tuesday, April 22nd. Finally, Truist Financial reduced their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of "Moderate Buy" and an average price target of $56.43.
Get Our Latest Stock Report on SON
Insider Buying and Selling at Sonoco Products
In related news, Director Robert R. Hill, Jr. acquired 5,475 shares of the stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average price of $40.34 per share, with a total value of $220,861.50. Following the acquisition, the director now owns 29,540 shares in the company, valued at approximately $1,191,643.60. The trade was a 22.75 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average price of $46.76 per share, with a total value of $140,280.00. Following the completion of the acquisition, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 50,721 shares of company stock valued at $2,206,646 in the last quarter. Company insiders own 0.74% of the company's stock.
About Sonoco Products
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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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