Sonoco Products (NYSE:SON) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC lifted its stake in Sonoco Products (NYSE:SON) by 13.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,082 shares of the industrial products company’s stock after acquiring an additional 1,979 shares during the period. HighTower Advisors LLC’s holdings in Sonoco Products were worth $834,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SON. AGF Management Ltd. bought a new stake in Sonoco Products in the fourth quarter worth about $2,447,000. Amundi grew its stake in shares of Sonoco Products by 154.9% in the 4th quarter. Amundi now owns 182,330 shares of the industrial products company’s stock worth $8,619,000 after purchasing an additional 110,810 shares during the last quarter. Edgestream Partners L.P. raised its holdings in shares of Sonoco Products by 422.2% in the 4th quarter. Edgestream Partners L.P. now owns 153,350 shares of the industrial products company’s stock worth $7,491,000 after purchasing an additional 123,983 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Sonoco Products during the fourth quarter valued at approximately $6,012,000. Finally, Arizona State Retirement System boosted its holdings in Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock worth $1,393,000 after buying an additional 224 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Insider Activity at Sonoco Products

In other news, Director John R. Haley purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares of the company’s stock, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 482,365 shares in the company, valued at $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SON shares. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company reduced their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Bank of America increased their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Truist Financial decreased their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sonoco Products has an average rating of “Hold” and a consensus price target of $58.50.

Sonoco Products Price Performance

NYSE SON opened at $46.89 on Friday. The stock has a 50-day simple moving average of $47.34 and a 200 day simple moving average of $50.10. Sonoco Products has a twelve month low of $44.36 and a twelve month high of $61.73. The stock has a market capitalization of $4.62 billion, a PE ratio of 28.42, a P/E/G ratio of 0.76 and a beta of 0.61. 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) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products’s dividend payout ratio is presently 126.06%.

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.