Bank of America Corp DE Reduces Holdings in Sonoco Products (NYSE:SON)

Bank of America Corp DE decreased its position in shares of Sonoco Products (NYSE:SON) by 10.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,395,946 shares of the industrial products company’s stock after selling 273,082 shares during the quarter. Bank of America Corp DE owned approximately 2.44% of Sonoco Products worth $117,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Private Management Group Inc. raised its position in shares of Sonoco Products by 27.7% in the fourth 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 during the period. Quilter Plc lifted its position in shares of Sonoco Products by 3.1% during the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock worth $14,615,000 after acquiring an additional 8,895 shares in the last quarter. Synergy Asset Management LLC boosted its holdings in shares of Sonoco Products by 9.0% in the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock worth $3,610,000 after acquiring an additional 5,505 shares during the period. Wellington Management Group LLP purchased a new position in shares of Sonoco Products in the fourth quarter valued at $15,533,000. Finally, JPMorgan Chase & Co. raised its stake 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 purchasing an additional 20,075 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Sonoco Products news, Director John R. Haley acquired 2,246 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the acquisition, the director now owns 20,804 shares in the company, valued at $927,234.28. This represents a 12.10 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 50,721 shares of company stock worth $2,206,646 in the last ninety days. 0.74% of the stock is owned by insiders.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $44.38 on Friday. The firm has a market capitalization of $4.38 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The company has a current ratio of 0.79, a quick ratio of 1.91 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. The business’s 50-day moving average price is $45.21 and its 200-day moving average price is $47.89.

Sonoco Products (NYSE:SON) last announced 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). 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 the consensus estimate of $2.02 billion. During the same quarter in the previous year, the firm posted $1.12 earnings per share. The company’s revenue was up 30.6% compared to the same quarter last year. Sell-side analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a dividend of $0.53 per share. The ex-dividend date is Friday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.78%. Sonoco Products’s dividend payout ratio is currently 137.66%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SON shares. Truist Financial reduced their target price on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company 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 set a “buy” rating and a $62.00 target price on the stock. Wells Fargo & Company cut their price target on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Raymond James decreased their price target 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. Finally, StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.43.

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.