New York State Common Retirement Fund Cuts Holdings in Sonoco Products (NYSE:SON)

New York State Common Retirement Fund lowered its stake in shares of Sonoco Products (NYSE:SON) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 336,108 shares of the industrial products company’s stock after selling 1,172 shares during the period. New York State Common Retirement Fund’s holdings in Sonoco Products were worth $16,419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products during the third quarter worth about $33,000. Principal Securities Inc. raised its position in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock valued at $66,000 after buying an additional 351 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products during the 3rd quarter worth $71,000. Finally, Albion Financial Group UT acquired a new stake in Sonoco Products in the 4th quarter worth about $84,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Up 1.4 %

NYSE:SON opened at $46.88 on Monday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. Sonoco Products has a one year low of $44.35 and a one year high of $61.73. The stock has a 50-day simple moving average of $48.12 and a 200 day simple moving average of $51.04.

Sonoco Products (NYSE:SON) last issued its earnings results 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). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Sell-side analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.44%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

Analyst Ratings Changes

Several brokerages recently commented on SON. StockNews.com lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday. Truist Financial dropped their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday. Wells Fargo & Company decreased their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report 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, Citigroup dropped their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Sonoco Products presently has an average rating of “Hold” and a consensus price target of $58.83.

Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.51% 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.