Sonoco Products (NYSE:SON) Sees Significant Growth in Short Interest

Sonoco Products (NYSE:SON) was the recipient of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 2,680,000 shares, a growth of 18.1% from the January 15th total of 2,270,000 shares. Currently, 2.8% of the shares of the company are short sold. Based on an average daily trading volume, of 696,700 shares, the days-to-cover ratio is presently 3.8 days.

Insider Transactions at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction on 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 $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SON. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sonoco Products by 16.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,014 shares of the industrial products company’s stock worth $1,662,000 after purchasing an additional 4,832 shares during the period. Lazard Asset Management LLC purchased a new position in Sonoco Products during the fourth quarter valued at approximately $1,315,000. Invenomic Capital Management LP lifted its stake in shares of Sonoco Products by 368.6% during the 4th quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company’s stock worth $32,555,000 after purchasing an additional 524,198 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Sonoco Products by 5.9% during the fourth quarter. Janus Henderson Group PLC now owns 43,287 shares of the industrial products company’s stock valued at $2,113,000 after buying an additional 2,400 shares during the last quarter. Finally, Gotham Asset Management LLC raised its stake in shares of Sonoco Products by 57.1% during the 4th quarter. Gotham Asset Management LLC now owns 242,315 shares of the industrial products company’s stock worth $11,837,000 after acquiring an additional 88,115 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

SON stock traded down $0.41 during trading on Monday, hitting $47.79. 596,953 shares of the company’s stock traded hands, compared to its average volume of 684,358. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 0.76 and a beta of 0.67. Sonoco Products has a 52 week low of $45.93 and a 52 week high of $61.73. The business has a fifty day simple moving average of $48.61 and a 200 day simple moving average of $51.17. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is 71.48%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wells Fargo & Company decreased their price target on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a report on Monday, January 6th. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Citigroup cut their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Truist Financial raised their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and a consensus target price of $60.17.

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.