Silvercrest Asset Management Group LLC Lowers Stake in Sonoco Products (NYSE:SON)

Silvercrest Asset Management Group LLC decreased its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 414,576 shares of the industrial products company's stock after selling 29,217 shares during the quarter. Silvercrest Asset Management Group LLC owned about 0.42% of Sonoco Products worth $20,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Sonoco Products by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock worth $543,638,000 after purchasing an additional 120,843 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sonoco Products by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock valued at $153,411,000 after purchasing an additional 136,965 shares in the last quarter. Earnest Partners LLC increased its holdings in shares of 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 worth $126,746,000 after purchasing an additional 10,661 shares during the period. Cooper Creek Partners Management LLC purchased a new stake in shares of Sonoco Products in the fourth quarter worth $78,203,000. Finally, Invesco Ltd. grew its position in Sonoco Products by 13.0% during the fourth quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock worth $66,338,000 after buying an additional 155,893 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Trading Down 0.2%

Shares of Sonoco Products stock traded down $0.10 during trading on Tuesday, reaching $46.13. The company's stock had a trading volume of 546,321 shares, compared to its average volume of 778,912. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 0.76 and a beta of 0.68. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm's 50-day moving average is $45.10 and its two-hundred day moving average is $47.57. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). The firm 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 company's quarterly revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.12 EPS. On average, sell-side analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be paid a dividend of $0.53 per share. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Insider Buying and Selling at Sonoco Products

In related news, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares of the company's stock, valued at $22,237,026.50. The trade was a 4.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John R. Haley acquired 2,246 shares of the stock in a transaction dated Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the purchase, the director now directly owns 20,804 shares in the company, valued at approximately $927,234.28. This trade represents a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 50,721 shares of company stock worth $2,206,646. 0.74% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SON has been the topic of several research analyst reports. Truist Financial decreased their price objective on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. StockNews.com raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Raymond James lowered their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and an average price target 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.