Wedge Capital Management L L P NC Cuts Holdings in Sonoco Products (NYSE:SON)

Wedge Capital Management L L P NC decreased its stake in shares of Sonoco Products (NYSE:SON) by 0.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 130,491 shares of the industrial products company’s stock after selling 604 shares during the period. Wedge Capital Management L L P NC’s holdings in Sonoco Products were worth $6,164,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. UMB Bank n.a. increased its holdings in Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 574 shares during the period. Quarry LP increased its holdings in Sonoco Products by 111.3% during the 4th 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. Colonial Trust Co SC increased its holdings in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 453 shares during the period. True Wealth Design LLC increased its holdings in Sonoco Products by 650.7% during the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 950 shares during the period. Finally, Principal Securities Inc. increased its holdings in Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Raymond James lowered their price objective on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price objective for the company. Truist Financial lowered their price objective on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Sonoco Products presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.25.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. acquired 5,475 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 29,540 shares of the company’s stock, valued at $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at $22,237,026.50. This trade represents a 4.33% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 47,721 shares of company stock valued at $2,066,366 in the last three months. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Stock Up 0.1%

Shares of NYSE SON opened at $45.13 on Monday. The stock has a market cap of $4.45 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 0.76 and a beta of 0.70. 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 52-week low of $39.46 and a 52-week high of $59.62. The business has a 50-day moving average price of $44.69 and a 200 day moving average price of $47.09.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) 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 firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. During the same period last year, the company earned $1.12 earnings per share. Equities research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.70%. Sonoco Products’s dividend payout ratio is 137.66%.

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.