The Manufacturers Life Insurance Company Lowers Holdings in Sonoco Products (NYSE:SON)

The Manufacturers Life Insurance Company lowered its position in shares of Sonoco Products (NYSE:SON) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 80,269 shares of the industrial products company’s stock after selling 1,518 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Sonoco Products worth $3,921,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Cooper Creek Partners Management LLC purchased a new position in shares of Sonoco Products during the 4th quarter worth approximately $78,203,000. Norges Bank acquired a new stake in Sonoco Products in the fourth quarter valued at $60,984,000. Wellington Management Group LLP purchased a new stake in shares of Sonoco Products during the 4th quarter worth $15,533,000. Meadow Creek Wealth Advisors LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth $11,672,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Sonoco Products in the 4th quarter valued at about $7,811,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Up 2.2 %

Shares of NYSE:SON opened at $45.15 on Friday. The company has a market capitalization of $4.45 billion, a P/E ratio of 27.36, a P/E/G ratio of 0.76 and a beta of 0.68. 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 stock’s fifty day simple moving average is $45.25 and its 200-day simple moving average is $47.98. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.03). The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business’s quarterly revenue was up 30.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.12 EPS. As a group, equities research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.70%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 137.66%.

Insider Buying and Selling at Sonoco Products

In related news, Director Robert R. Hill, Jr. acquired 5,475 shares of the stock in a transaction dated Wednesday, April 30th. The stock was bought at an average cost of $40.34 per share, with a total value of $220,861.50. Following the purchase, the director now directly owns 29,540 shares of the company’s stock, valued at approximately $1,191,643.60. This represents a 22.75 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The stock was purchased at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the transaction, the chief executive officer now directly owns 502,365 shares in the company, valued at approximately $20,682,367.05. This trade represents a 4.15 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 50,721 shares of company stock worth $2,206,646 in the last 90 days. 0.74% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on SON shares. Truist Financial lowered their target price on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company decreased their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research report on Monday, February 24th. Jefferies Financial Group began coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price target for the company. Finally, Raymond James decreased their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.43.

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.