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

Curbstone Financial Management Corp lessened its stake in Sonoco Products (NYSE:SON) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,060 shares of the industrial products company’s stock after selling 600 shares during the quarter. Curbstone Financial Management Corp’s holdings in Sonoco Products were worth $1,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Northern Trust Corp lifted its holdings in shares of Sonoco Products by 24.0% during the 4th quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company’s stock valued at $42,002,000 after acquiring an additional 166,552 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Sonoco Products during the 4th quarter valued at $15,533,000. JPMorgan Chase & Co. lifted its holdings in shares of Sonoco Products by 3.9% during the 4th quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock valued at $25,817,000 after acquiring an additional 20,075 shares in the last quarter. ING Groep NV lifted its holdings in shares of Sonoco Products by 579.8% during the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company’s stock valued at $7,073,000 after acquiring an additional 123,500 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of Sonoco Products by 422.2% during the 4th quarter. Edgestream Partners L.P. now owns 153,350 shares of the industrial products company’s stock valued at $7,491,000 after acquiring an additional 123,983 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON stock opened at $45.99 on Wednesday. The company’s fifty day moving average price is $44.65 and its two-hundred day moving average price is $47.04. The firm has a market capitalization of $4.54 billion, a P/E ratio of 27.87, a P/E/G ratio of 0.76 and a beta of 0.70. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $59.34. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

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

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $0.53 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.12 annualized dividend and a dividend yield of 4.61%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s payout ratio is presently 137.66%.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. acquired 5,475 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was acquired at an average price of $40.34 per share, with a total value of $220,861.50. Following the transaction, the director now directly owns 29,540 shares in the company, valued at approximately $1,191,643.60. This represents a 22.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Haley acquired 2,246 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the transaction, the director now owns 20,804 shares in the company, valued at approximately $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 47,721 shares of company stock valued at $2,066,366. Insiders own 0.74% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Sonoco Products in a report on Wednesday, June 4th. They set a “neutral” rating and a $48.00 target price on the stock. Wall Street Zen upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Raymond James cut their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price objective on the stock. Finally, Truist Financial cut their price objective on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products presently has an average rating of “Moderate Buy” and an average target price of $56.25.

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.