Crestline Management LP Invests $1.11 Million in Sonoco Products (NYSE:SON)

Crestline Management LP acquired a new position in Sonoco Products (NYSE:SON) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,662 shares of the industrial products company’s stock, valued at approximately $1,107,000.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price objective for the company. Wells Fargo & Company lowered their price target on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research report on Monday, February 24th. Truist Financial cut their price objective on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Raymond James cut their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.43.

Sonoco Products Stock Performance

SON opened at $45.15 on Friday. The stock has a market cap of $4.45 billion, a PE ratio of 27.36, a P/E/G ratio of 0.76 and a beta of 0.68. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. The stock’s 50 day simple moving average is $45.25 and its 200-day simple moving average is $47.98. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON) last announced 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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the company posted $1.12 EPS. The company’s quarterly revenue was up 30.6% compared to the same quarter last year. Sell-side analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.70%. Sonoco Products’s dividend payout ratio is presently 137.66%.

Insider Buying and Selling

In other news, Director John R. Haley acquired 3,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, with a total value of $922,000.00. Following the purchase, the chief executive officer now directly owns 482,365 shares of the company’s stock, valued at $22,237,026.50. The trade was a 4.33 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 50,721 shares of company stock worth $2,206,646 in the last 90 days. 0.74% of the stock is owned by company insiders.

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.