Hsbc Holdings PLC Reduces Holdings in Sonoco Products (NYSE:SON)

Hsbc Holdings PLC trimmed its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 73.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,289 shares of the industrial products company's stock after selling 47,474 shares during the period. Hsbc Holdings PLC's holdings in Sonoco Products were worth $843,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SON. Cooper Creek Partners Management LLC acquired a new stake in Sonoco Products during the 4th quarter worth $78,203,000. Norges Bank bought a new stake in Sonoco Products during the 4th quarter worth approximately $60,984,000. Nordea Investment Management AB raised its holdings in Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock worth $55,181,000 after buying an additional 437,128 shares during the period. Wellington Management Group LLP bought a new position in Sonoco Products in the fourth quarter valued at approximately $15,533,000. Finally, Meadow Creek Wealth Advisors LLC bought a new stake in shares of Sonoco Products during the fourth quarter worth $11,672,000. Institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

SON has been the topic of a number of recent research reports. StockNews.com lowered Sonoco Products from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Truist Financial reduced their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Jefferies Financial Group started coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Finally, Raymond James lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sonoco Products presently has an average rating of "Hold" and an average price target of $56.43.

Insider Buying and Selling

In other news, Director Robert R. Hill, Jr. acquired 5,475 shares of the stock in a transaction on Wednesday, April 30th. The stock was acquired at an average price of $40.34 per share, with a total value of $220,861.50. Following the completion of the transaction, the director now owns 29,540 shares of the company's stock, valued at $1,191,643.60. This represents a 22.75 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Haley purchased 3,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the purchase, the director now owns 18,558 shares in the company, valued at $867,772.08. This represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 50,721 shares of company stock valued at $2,206,646 over the last three months. 0.74% of the stock is owned by company insiders.

Sonoco Products Stock Performance

Sonoco Products stock traded down $0.15 during trading on Wednesday, hitting $44.20. The stock had a trading volume of 991,467 shares, compared to its average volume of 773,703. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The stock's 50 day moving average is $45.29 and its two-hundred day moving average is $48.03. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON - Get Free Report) last announced 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). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the company earned $1.12 earnings per share. Sonoco Products's revenue was up 30.6% compared to the same quarter last year. As a group, analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.80%. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is presently 137.66%.

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.