Wealthspire Advisors LLC Lowers Position in Sonoco Products (NYSE:SON)

Wealthspire Advisors LLC decreased its stake in Sonoco Products (NYSE:SON) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,643 shares of the industrial products company’s stock after selling 1,369 shares during the quarter. Wealthspire Advisors LLC’s holdings in Sonoco Products were worth $227,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in shares of Sonoco Products by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after purchasing an additional 42,701 shares during the period. Nordea Investment Management AB lifted its position in shares of Sonoco Products by 63.2% in the fourth quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock valued at $55,181,000 after acquiring an additional 437,128 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Sonoco Products by 50.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock worth $56,223,000 after purchasing an additional 344,658 shares during the period. Private Management Group Inc. grew its holdings in Sonoco Products by 27.7% during the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock valued at $28,547,000 after buying an additional 126,867 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Sonoco Products by 70.1% during the third quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock worth $30,571,000 after acquiring an additional 230,709 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.7 %

Shares of NYSE SON opened at $46.57 on Friday. The company has a market cap of $4.58 billion, a P/E ratio of 28.22, a PEG ratio of 0.76 and a beta of 0.67. The firm has a 50-day simple moving average of $47.84 and a two-hundred day simple moving average of $50.95. Sonoco Products has a 1 year low of $44.35 and a 1 year high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 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 company 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 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is presently 126.06%.

Insider Activity

In other Sonoco Products news, Director John R. Haley bought 3,000 shares of the company’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 purchase, the director now directly owns 18,558 shares in the company, valued at $867,772.08. This represents a 19.28 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SON shares. Wells Fargo & Company cut their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday. Bank of America lifted their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. StockNews.com lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. 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 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 stock. Based on data from MarketBeat, Sonoco Products has an average rating of “Hold” and an average price target of $58.50.

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.