Sonoco Products (NYSE:SON) Shares Gap Up on Insider Buying Activity

Sonoco Products (NYSE:SON) gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $45.63, but opened at $47.00. Sonoco Products shares last traded at $46.51, with a volume of 55,888 shares.

Specifically, CEO R. Howard Coker bought 20,000 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

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

Sonoco Products Trading Up 0.5 %

The stock has a 50-day moving average of $47.31 and a two-hundred day moving average of $50.43. The company has a market cap of $4.66 billion, a P/E ratio of 28.74, a price-to-earnings-growth 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 issued its quarterly earnings results 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). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. On average, equities research analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were paid a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.39%. Sonoco Products’s dividend payout ratio is presently 126.06%.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently made changes to their positions in SON. Quarry LP boosted its stake in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after buying an additional 453 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after buying an additional 950 shares during the last quarter. Principal Securities Inc. increased its holdings in 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 in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Sonoco Products in the 3rd quarter worth about $71,000. Institutional investors own 77.69% of the company’s stock.

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.