31,348 Shares in Sonoco Products (NYSE:SON) Purchased by Brevan Howard Capital Management LP

Brevan Howard Capital Management LP bought a new stake in shares of Sonoco Products (NYSE:SON) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 31,348 shares of the industrial products company’s stock, valued at approximately $1,531,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. Quarry LP lifted its position in Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 511 shares during the period. Principal Securities Inc. lifted its holdings in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock valued at $66,000 after buying an additional 351 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Sonoco Products during the third quarter valued at about $71,000. Albion Financial Group UT acquired a new position in Sonoco Products during the fourth quarter worth about $84,000. Finally, SRS Capital Advisors Inc. raised its position in Sonoco Products by 311.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 1,297 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Price Performance

SON opened at $44.44 on Wednesday. The firm has a market capitalization of $4.38 billion, a P/E ratio of 26.93, a PEG ratio of 0.76 and a beta of 0.68. The stock has a fifty day moving average of $45.36 and a 200-day moving average of $48.05. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73.

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 the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the company posted $1.12 earnings per share. The firm’s revenue was up 30.6% on a year-over-year basis. Equities analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.77%. The ex-dividend date is Friday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s dividend payout ratio is currently 137.66%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SON. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price objective on the stock. StockNews.com cut Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Truist Financial decreased their target price on Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Finally, Raymond James dropped their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Sonoco Products presently has an average rating of “Hold” and a consensus price target of $56.43.

Insiders Place Their Bets

In other Sonoco Products news, Director John R. Haley bought 2,246 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was bought at an average cost of $44.57 per share, with a total value of $100,104.22. Following the completion of the transaction, the director now directly owns 20,804 shares of the company’s stock, valued at approximately $927,234.28. The trade was a 12.10 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, the director now directly owns 29,540 shares in the company, valued at $1,191,643.60. This represents a 22.75 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 50,721 shares of company stock worth $2,206,646 in the last quarter. 0.74% of the stock is currently owned by corporate insiders.

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.