CoreCap Advisors LLC Has $749,000 Stake in Sonoco Products (NYSE:SON)

CoreCap Advisors LLC boosted its stake in shares of Sonoco Products (NYSE:SON) by 30.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 15,338 shares of the industrial products company’s stock after purchasing an additional 3,566 shares during the quarter. CoreCap Advisors LLC’s holdings in Sonoco Products were worth $749,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. Private Management Group Inc. grew its holdings in shares of Sonoco Products by 27.7% during the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock worth $28,547,000 after purchasing an additional 126,867 shares during the last quarter. Quilter Plc lifted its position in Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock worth $14,615,000 after buying an additional 8,895 shares in the last quarter. Synergy Asset Management LLC grew its holdings in Sonoco Products by 9.0% during the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock worth $3,610,000 after acquiring an additional 5,505 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Sonoco Products in the 4th quarter valued at about $15,533,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Sonoco Products by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock worth $25,817,000 after purchasing an additional 20,075 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SON. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday. Truist Financial lowered their target price on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Raymond James decreased their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company cut their target price 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. Finally, Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.43.

Insiders Place Their Bets

In related news, CEO R. Howard Coker bought 20,000 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were purchased at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the acquisition, the chief executive officer now owns 502,365 shares of the company’s stock, valued at approximately $20,682,367.05. This represents a 4.15 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Haley purchased 3,000 shares of Sonoco Products stock in a transaction dated Thursday, February 27th. The stock was bought at an average price 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 ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 50,721 shares of company stock worth $2,206,646. Corporate insiders own 0.74% of the company’s stock.

Sonoco Products Price Performance

Sonoco Products stock opened at $44.38 on Friday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm has a market capitalization of $4.38 billion, a P/E ratio of 26.90, a PEG ratio of 0.76 and a beta of 0.68. The business has a 50-day moving average of $45.21 and a 200-day moving average of $47.92. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.03). The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. On average, equities analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s dividend payout ratio (DPR) is presently 137.66%.

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.