Hsbc Holdings PLC Cuts Stock Holdings in Sonoco Products (NYSE:SON)

Hsbc Holdings PLC lowered its position in Sonoco Products (NYSE:SON - Free Report) by 73.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SON. Cooper Creek Partners Management LLC bought a new position in shares of Sonoco Products in the fourth quarter worth about $78,203,000. Norges Bank bought a new position in Sonoco Products in the 4th quarter worth approximately $60,984,000. Nordea Investment Management AB grew 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 valued at $55,181,000 after buying an additional 437,128 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Sonoco Products during the fourth quarter valued at approximately $15,533,000. Finally, Meadow Creek Wealth Advisors LLC purchased a new position in shares of Sonoco Products in the fourth quarter worth $11,672,000. Institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday. Raymond James dropped their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Truist Financial decreased their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company cut their target price 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 assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.43.

Insider Transactions at Sonoco Products

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

Sonoco Products Trading Down 1.5 %

Shares of NYSE SON traded down $0.67 during trading hours on Friday, hitting $44.38. 541,595 shares of the company traded hands, compared to its average volume of 776,406. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The company's 50 day moving average price is $45.21 and its 200 day moving average price is $47.89. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The company has a current ratio of 0.79, a quick ratio of 1.91 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 the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same period in the prior year, the company posted $1.12 EPS. The company's revenue was up 30.6% compared to the same quarter last year. On average, equities research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders 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 dividend yield of 4.78%. The ex-dividend date of this dividend is Friday, May 9th. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's payout ratio is 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.