Sterling Capital Management LLC Trims Stock Position in Sonoco Products (NYSE:SON)

Sterling Capital Management LLC lowered its stake in Sonoco Products (NYSE:SON - Free Report) by 76.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,804 shares of the industrial products company's stock after selling 18,947 shares during the period. Sterling Capital Management LLC's holdings in Sonoco Products were worth $284,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SON. Arizona State Retirement System lifted its holdings in shares of Sonoco Products by 0.8% in the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock valued at $1,393,000 after purchasing an additional 224 shares in the last quarter. IFP Advisors Inc boosted its position in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after acquiring an additional 243 shares during the last quarter. Wedmont Private Capital grew its stake in shares of Sonoco Products by 3.9% during the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock worth $306,000 after acquiring an additional 247 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after purchasing an additional 270 shares in the last quarter. Finally, Pallas Capital Advisors LLC boosted its holdings in Sonoco Products by 6.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock worth $230,000 after purchasing an additional 284 shares during the last quarter. Institutional investors own 77.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a research note on Monday, February 24th. Raymond James lowered their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Jefferies Financial Group assumed coverage on Sonoco Products in a research report on Tuesday. They issued a "buy" rating and a $62.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has an average rating of "Moderate Buy" and an average target price of $56.43.

Sonoco Products Stock Down 0.7 %

SON traded down $0.32 during midday trading on Friday, reaching $46.08. 99,416 shares of the company were exchanged, compared to its average volume of 824,627. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 27.93, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The company's fifty day moving average price is $45.70 and its 200 day moving average price is $48.59. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. As a group, analysts expect that Sonoco Products will post 6.1 EPS for the current 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 issued a dividend of $0.53 per share. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a yield of 4.60%. Sonoco Products's payout ratio is presently 128.48%.

Insiders Place Their Bets

In related news, CEO R. Howard Coker purchased 20,000 shares of the firm's stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John R. Haley bought 3,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company's stock.

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.