Sonoco Products (NYSE:SON) Holdings Increased by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC increased its stake in Sonoco Products (NYSE:SON) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,571 shares of the industrial products company’s stock after acquiring an additional 475 shares during the period. Concurrent Investment Advisors LLC’s holdings in Sonoco Products were worth $223,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Private Management Group Inc. boosted its stake in Sonoco Products by 27.7% during the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock valued at $28,547,000 after purchasing an additional 126,867 shares in the last quarter. Quilter Plc lifted its holdings in shares of Sonoco Products by 3.1% in the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after buying an additional 8,895 shares during the period. Synergy Asset Management LLC boosted its stake 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 valued at $3,610,000 after buying an additional 5,505 shares in the last quarter. Jane Street Group LLC grew its holdings in Sonoco Products by 312.1% during the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after acquiring an additional 140,370 shares during the period. Finally, Nordea Investment Management AB raised its position in Sonoco Products by 63.2% in the fourth quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock worth $55,181,000 after acquiring an additional 437,128 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SON shares. Truist Financial lowered their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Robert W. Baird decreased their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company cut their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday. Citigroup reduced their price objective on 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 boosted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.50.

Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now directly owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Sonoco Products Stock Up 1.3 %

SON stock opened at $47.18 on Wednesday. Sonoco Products has a twelve month low of $44.35 and a twelve month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The company has a market cap of $4.64 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. The business’s 50-day simple moving average is $47.96 and its 200 day simple moving average is $51.01.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results 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 return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.41%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s payout ratio is currently 126.06%.

Sonoco Products 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.