Sonoco Products (NYSE:SON) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its holdings in Sonoco Products (NYSE:SON) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 148,556 shares of the industrial products company’s stock after selling 2,695 shares during the quarter. Truist Financial Corp owned 0.15% of Sonoco Products worth $7,257,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Private Management Group Inc. boosted its stake in Sonoco Products by 27.7% in the 4th 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 period. Quilter Plc boosted its stake 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 period. Synergy Asset Management LLC boosted its stake in 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 during the period. Jane Street Group LLC boosted its stake in Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Sonoco Products by 63.2% in the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock worth $55,181,000 after purchasing an additional 437,128 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

SON has been the subject of a number of recent analyst reports. Bank of America raised their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Truist Financial decreased their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday. StockNews.com lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. Citigroup decreased their target price 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, Wells Fargo & Company decreased their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $58.83.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now 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 legal filing with the SEC, which is available through this link. Insiders own 0.51% of the company’s stock.

Sonoco Products Stock Up 1.4 %

SON stock opened at $46.88 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. Sonoco Products has a 1 year low of $44.35 and a 1 year high of $61.73. The company has a fifty day simple moving average of $48.12 and a 200 day simple moving average of $51.02. The firm has a market cap of $4.61 billion, a PE ratio of 28.41, a PEG ratio of 0.76 and a beta of 0.67.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) 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 business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sell-side analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal 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 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s payout ratio is presently 126.06%.

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.