Victory Capital Management Inc. Sells 28,735 Shares of Sonoco Products (NYSE:SON)

Victory Capital Management Inc. lessened its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,146,790 shares of the industrial products company's stock after selling 28,735 shares during the quarter. Victory Capital Management Inc. owned approximately 2.19% of Sonoco Products worth $119,941,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SON. Bruce G. Allen Investments LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth approximately $28,000. Authentikos Wealth Advisory LLC purchased a new stake in shares of Sonoco Products in the 3rd quarter valued at approximately $34,000. M&R Capital Management Inc. increased 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 last quarter. Highlander Capital Management LLC purchased a new stake in shares of Sonoco Products during the 4th quarter valued at approximately $56,000. Finally, GPS Wealth Strategies Group LLC acquired a new position in Sonoco Products in the fourth quarter valued at approximately $65,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Up 2.2 %

SON stock traded up $1.20 during mid-day trading on Friday, reaching $56.82. The company had a trading volume of 513,735 shares, compared to its average volume of 436,896. Sonoco Products has a fifty-two week low of $49.98 and a fifty-two week high of $63.74. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 2.18 and a beta of 0.68. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.10 and a current ratio of 1.31. The firm has a fifty day simple moving average of $56.92 and a 200 day simple moving average of $56.00.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.07. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The company's revenue was down 5.3% on a year-over-year basis. During the same period last year, the business earned $1.40 EPS. Analysts forecast that Sonoco Products will post 5.21 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This is a positive change from Sonoco Products's previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products's dividend payout ratio is currently 51.52%.

Analysts Set New Price Targets

Several research firms have issued reports on SON. Wells Fargo & Company raised their target price on Sonoco Products from $56.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Friday. Citigroup decreased their target price on shares of Sonoco Products from $66.00 to $65.00 and set a "buy" rating on the stock in a research report on Thursday, April 4th. Finally, TheStreet cut shares of Sonoco Products from a "b-" rating to a "c+" rating in a research report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $63.33.

Insiders Place Their Bets

In related news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the transaction, the insider now directly owns 13,456 shares of the company's stock, valued at approximately $774,123.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Sonoco Products news, VP Adam Wood sold 537 shares of Sonoco Products stock in a transaction 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 transaction, the vice president now directly owns 28,273 shares in the company, valued at $1,612,691.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the completion of the transaction, the insider now directly owns 13,456 shares in the company, valued at approximately $774,123.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,076 shares of company stock valued at $749,002. 0.51% of the stock is owned by corporate insiders.

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.