Graham Capital Management L.P. Sells 29,183 Shares of Sonoco Products (NYSE:SON)

Graham Capital Management L.P. cut its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 58.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,975 shares of the industrial products company's stock after selling 29,183 shares during the period. Graham Capital Management L.P.'s holdings in Sonoco Products were worth $1,025,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Quarry LP lifted its stake in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after acquiring an additional 511 shares in the last quarter. Colonial Trust Co SC raised its stake in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares during the period. Principal Securities Inc. raised its stake in shares of Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after purchasing an additional 351 shares during the period. Albion Financial Group UT bought a new stake in shares of Sonoco Products during the 4th quarter worth $84,000. Finally, SRS Capital Advisors Inc. raised its stake in shares of Sonoco Products by 311.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after purchasing an additional 1,297 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Sonoco Products

In related news, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares of the company's stock, valued at $867,772.08. This represents a 19.28% increase in their ownership of the stock. The acquisition was disclosed in a document filed 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 on Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, with a total value of $220,861.50. Following the acquisition, the director now directly owns 29,540 shares in the company, valued at approximately $1,191,643.60. This represents a 22.75% increase in their ownership of the stock. 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. 0.74% of the stock is currently owned by corporate insiders.

Sonoco Products Trading Down 1.6%

Shares of Sonoco Products stock opened at $45.17 on Wednesday. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The stock's 50-day simple moving average is $45.17 and its 200 day simple moving average is $47.78. The stock has a market capitalization of $4.46 billion, a P/E ratio of 27.38, a P/E/G 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 earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). The company 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%. The firm's quarterly revenue was up 30.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.12 EPS. As a group, research analysts anticipate that Sonoco Products will post 6.1 EPS for the current 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 issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date is Friday, May 9th. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is presently 137.66%.

Wall Street Analyst Weigh In

SON has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price on the stock. Wells Fargo & Company lowered their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research note on Monday, February 24th. Truist Financial lowered their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Raymond James lowered their target price on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. One 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.43.

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.

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