Gotham Asset Management LLC Grows Stock Holdings in Sonoco Products (NYSE:SON)

Gotham Asset Management LLC boosted its holdings in shares of Sonoco Products (NYSE:SON) by 57.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 242,315 shares of the industrial products company’s stock after buying an additional 88,115 shares during the quarter. Gotham Asset Management LLC owned approximately 0.25% of Sonoco Products worth $11,837,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Colonial Trust Co SC boosted its position in shares of Sonoco Products by 90.6% in the fourth 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. Quarry LP lifted its holdings in shares of Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after buying an additional 511 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after buying an additional 351 shares in the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Sonoco Products by 311.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock worth $84,000 after buying an additional 1,297 shares in the last quarter. Finally, Albion Financial Group UT purchased a new position in shares of Sonoco Products in the fourth quarter worth $84,000. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Trading Down 1.5%

Shares of SON opened at $44.38 on Monday. Sonoco Products has a twelve month low of $39.46 and a twelve month high of $61.73. The company has a market cap of $4.38 billion, a P/E ratio of 26.90, a P/E/G 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. The company’s fifty day simple moving average is $45.21 and its 200-day simple moving average is $47.85.

Sonoco Products (NYSE:SON) last announced 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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the company posted $1.12 EPS. The company’s revenue was up 30.6% compared to the same quarter last year. As a group, analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be issued 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 4.78%. Sonoco Products’s dividend payout ratio is presently 137.66%.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director John R. Haley bought 2,246 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were bought at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the acquisition, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were acquired at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the acquisition, the director now owns 29,540 shares in the company, valued at $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. Over the last ninety days, insiders have purchased 50,721 shares of company stock worth $2,206,646. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

SON has been the topic of several research analyst reports. Raymond James lowered their target price 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. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. 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 target price on the stock. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a report on Monday, February 24th. Finally, 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 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.