Gotham Asset Management LLC Purchases 88,115 Shares of Sonoco Products (NYSE:SON)

Gotham Asset Management LLC grew its position in Sonoco Products (NYSE:SON) by 57.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 242,315 shares of the industrial products company’s stock after buying an additional 88,115 shares during the period. Gotham Asset Management LLC’s holdings in Sonoco Products were worth $11,837,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SON. Cooper Creek Partners Management LLC bought a new stake in shares of Sonoco Products in the 4th quarter valued at about $78,203,000. Norges Bank acquired a new stake in Sonoco Products in the 4th quarter worth approximately $60,984,000. Deprince Race & Zollo Inc. boosted its stake in Sonoco Products by 53.4% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company’s stock worth $62,143,000 after purchasing an additional 442,892 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Sonoco Products in the 4th quarter worth approximately $15,533,000. Finally, AQR Capital Management LLC boosted its stake in Sonoco Products by 49.3% in the 4th quarter. AQR Capital Management LLC now owns 886,332 shares of the industrial products company’s stock worth $43,262,000 after purchasing an additional 292,772 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Performance

SON opened at $44.38 on Monday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm has a market capitalization of $4.38 billion, a PE ratio of 26.90, a P/E/G ratio of 0.76 and a beta of 0.68. The firm has a 50 day moving average of $45.21 and a two-hundred day moving average of $47.85. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $61.73.

Sonoco Products (NYSE:SON) last posted 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 firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Sonoco Products’s revenue for the quarter was up 30.6% compared to the same quarter last year. During the same period last year, the firm earned $1.12 earnings per share. On average, analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

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

Analysts Set New Price Targets

A number of analysts recently commented on SON shares. StockNews.com upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 target price for the company. Raymond James lowered their target price on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Truist Financial lowered their target price on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company lowered their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research note on Monday, February 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.43.

Insider Activity

In other news, Director John R. Haley bought 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the business’s stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, with a total value of $220,861.50. Following the completion of the acquisition, the director now 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 disclosure for this purchase can be found here. Insiders bought a total of 50,721 shares of company stock valued at $2,206,646 in the last three months. 0.74% of the stock is currently owned by corporate insiders.

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.