Sonoco Products (NYSE:SON) Shares Bought by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina increased its position in Sonoco Products (NYSE:SON) by 0.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 43,056 shares of the industrial products company’s stock after acquiring an additional 270 shares during the period. Treasurer of the State of North Carolina’s holdings in Sonoco Products were worth $2,103,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Private Management Group Inc. raised its position in 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 acquiring an additional 126,867 shares in the last quarter. Quilter Plc grew its stake in shares of 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 raised its holdings in shares of Sonoco Products by 9.0% in the 4th 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 in the last quarter. Wellington Management Group LLP acquired a new stake in Sonoco Products during the fourth quarter valued at approximately $15,533,000. Finally, JPMorgan Chase & Co. boosted its holdings in 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 buying an additional 20,075 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. StockNews.com upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Truist Financial reduced their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wells Fargo & Company dropped their price target on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, February 24th. Citigroup reduced their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Bank of America lifted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $58.50.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were bought at an average price 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 trade represents a 19.28 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, with a total value of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares in the company, 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. Company insiders own 0.74% of the company’s stock.

Sonoco Products Price Performance

Shares of SON opened at $43.85 on Friday. The business’s 50-day moving average is $45.98 and its 200-day moving average is $48.90. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 0.76 and a beta of 0.64. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Equities research analysts expect that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $0.53 dividend. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products’s dividend payout ratio is presently 126.06%.

About Sonoco Products

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.