Meritage Portfolio Management Raises Stake in Sonoco Products (NYSE:SON)

Meritage Portfolio Management lifted its holdings in Sonoco Products (NYSE:SON - Free Report) by 45.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,202 shares of the industrial products company's stock after purchasing an additional 17,913 shares during the quarter. Meritage Portfolio Management owned 0.06% of Sonoco Products worth $3,196,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SON. Bruce G. Allen Investments LLC bought a new stake in shares of Sonoco Products in the fourth quarter worth $28,000. Authentikos Wealth Advisory LLC bought a new stake in Sonoco Products during the third quarter worth $34,000. M&R Capital Management Inc. raised its position in Sonoco Products by 298.3% during the fourth quarter. M&R Capital Management Inc. now owns 924 shares of the industrial products company's stock worth $52,000 after acquiring an additional 692 shares in the last quarter. Highlander Capital Management LLC bought a new stake in Sonoco Products during the fourth quarter worth $56,000. Finally, Global Retirement Partners LLC raised its position in Sonoco Products by 40.8% during the third quarter. Global Retirement Partners LLC now owns 1,119 shares of the industrial products company's stock worth $60,000 after acquiring an additional 324 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Insiders Place Their Bets

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

Sonoco Products Price Performance

Sonoco Products stock traded down $0.48 during trading hours on Thursday, reaching $56.13. 316,667 shares of the stock were exchanged, compared to its average volume of 431,907. The company has a market cap of $5.51 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 2.15 and a beta of 0.68. The company has a current ratio of 1.76, a quick ratio of 1.10 and a debt-to-equity ratio of 1.25. Sonoco Products has a twelve month low of $49.98 and a twelve month high of $63.74. The stock has a 50 day moving average of $56.92 and a two-hundred day moving average of $55.90.

Sonoco Products (NYSE:SON - Get Free Report) last announced 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). The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.27 earnings per share. Equities analysts expect that Sonoco Products will post 5.21 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. This is an increase from Sonoco Products's previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. Sonoco Products's dividend payout ratio is presently 42.50%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company dropped 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 report on Tuesday, February 20th. TheStreet downgraded shares of Sonoco Products from a "b-" rating to a "c+" rating in a research note on Wednesday, February 14th. Finally, Citigroup decreased their price target on shares of Sonoco Products from $66.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of "Moderate Buy" and an average price target of $63.00.

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.