Sonoco Products (NYSE:SON) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its stake in Sonoco Products (NYSE:SON - Free Report) by 29.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 130,509 shares of the industrial products company's stock after purchasing an additional 29,543 shares during the period. Wedge Capital Management L L P NC owned 0.13% of Sonoco Products worth $7,292,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Bruce G. Allen Investments LLC acquired a new stake in Sonoco Products during the fourth quarter valued at approximately $28,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Sonoco Products during the 3rd quarter worth $34,000. M&R Capital Management Inc. boosted its holdings in shares of Sonoco Products by 298.3% during the 4th quarter. M&R Capital Management Inc. now owns 924 shares of the industrial products company's stock worth $52,000 after buying an additional 692 shares during the period. Highlander Capital Management LLC bought a new stake in shares of Sonoco Products during the 4th quarter worth $56,000. Finally, Global Retirement Partners LLC boosted its holdings in Sonoco Products by 40.8% in the 3rd quarter. Global Retirement Partners LLC now owns 1,119 shares of the industrial products company's stock valued at $60,000 after purchasing an additional 324 shares during the period. Institutional investors own 77.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. TheStreet cut shares of Sonoco Products from a "b-" rating to a "c+" rating in a research report on Wednesday, February 14th. Citigroup lowered their target price on shares of Sonoco Products from $66.00 to $65.00 and set a "buy" rating on the stock in a report on Thursday, April 4th. Finally, Wells Fargo & Company decreased their price target on shares of Sonoco Products from $58.00 to $56.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $63.00.

Sonoco Products Stock Performance

Shares of NYSE SON traded up $0.48 during trading on Wednesday, hitting $56.61. The company had a trading volume of 341,049 shares, compared to its average volume of 432,564. The stock has a 50 day simple moving average of $56.93 and a 200 day simple moving average of $55.89. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76. Sonoco Products has a 12 month low of $49.98 and a 12 month high of $63.74. The firm has a market capitalization of $5.56 billion, a P/E ratio of 11.79, a price-to-earnings-growth ratio of 2.16 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The business had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the previous year, the firm earned $1.27 EPS. Sonoco Products's revenue was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.67%. This is an increase from Sonoco Products's previous quarterly dividend of $0.51. Sonoco Products's dividend payout ratio is currently 42.50%.

Insider Buying and Selling at Sonoco Products

In related news, insider Russell K. Grissett sold 2,039 shares of the firm's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the sale, the insider now directly owns 11,988 shares of the company's stock, valued at approximately $672,047.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Russell K. Grissett sold 2,039 shares of the business's stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the transaction, the insider now owns 11,988 shares of the company's stock, valued at $672,047.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Adam Wood sold 537 shares of the company's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total value of $30,630.48. Following the transaction, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. Insiders sold 13,076 shares of company stock valued at $749,002 over the last quarter. 0.51% of the stock is currently owned by insiders.

Sonoco Products 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.