Corient Private Wealth LLC Sells 2,736 Shares of Sonoco Products (NYSE:SON)

Corient Private Wealth LLC cut its holdings in shares of Sonoco Products (NYSE:SON) by 16.4% during the 4th quarter, HoldingsChannel reports. The fund owned 13,983 shares of the industrial products company’s stock after selling 2,736 shares during the quarter. Corient Private Wealth LLC’s holdings in Sonoco Products were worth $683,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Principal Securities Inc. grew its position in shares of Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after buying an additional 351 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Sonoco Products in the third quarter worth $71,000. Albion Financial Group UT purchased a new position in Sonoco Products during the 4th quarter valued at $84,000. SRS Capital Advisors Inc. raised its holdings in Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 1,297 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Sonoco Products in the 3rd quarter worth about $111,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.4 %

Shares of Sonoco Products stock opened at $46.70 on Friday. 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 has a twelve month low of $44.36 and a twelve month high of $61.73. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company’s 50 day moving average is $47.32 and its 200 day moving average is $50.05.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.45%. Sonoco Products’s dividend payout ratio (DPR) is presently 126.06%.

Insiders Place Their Bets

In related news, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. The trade was a 4.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Sonoco Products

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.