EP Wealth Advisors LLC Sells 2,609 Shares of Sonoco Products (NYSE:SON)

EP Wealth Advisors LLC lessened its holdings in Sonoco Products (NYSE:SON) by 38.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,252 shares of the industrial products company’s stock after selling 2,609 shares during the period. EP Wealth Advisors LLC’s holdings in Sonoco Products were worth $208,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SON. Private Management Group Inc. boosted its holdings in 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 acquiring an additional 126,867 shares during the last quarter. Quilter Plc boosted its holdings in Sonoco Products by 3.1% in the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after acquiring an additional 8,895 shares during the last quarter. Synergy Asset Management LLC boosted its holdings in 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 valued at $3,610,000 after acquiring an additional 5,505 shares during the last quarter. Northern Trust Corp boosted its holdings in Sonoco Products by 24.0% in the fourth 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 during the last quarter. Finally, Wellington Management Group LLP bought a new stake in Sonoco Products in the fourth quarter valued at approximately $15,533,000. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

Shares of SON opened at $45.24 on Thursday. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The business’s 50 day moving average price is $45.11 and its two-hundred day moving average price is $47.77. The firm has a market cap of $4.46 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its earnings results 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 firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the company earned $1.12 earnings per share. Sonoco Products’s revenue for the quarter was up 30.6% compared to the same quarter last year. On average, equities 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 given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.69%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products’s dividend payout ratio is presently 137.66%.

Insider Transactions at Sonoco Products

In other news, CEO R. Howard Coker bought 20,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $22,237,026.50. This trade represents a 4.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the transaction, the director now directly owns 29,540 shares of the company’s stock, valued at $1,191,643.60. This trade represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 50,721 shares of company stock valued at $2,206,646 over the last ninety days. 0.74% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on SON shares. Truist Financial reduced their target price on Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. StockNews.com upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Wells Fargo & Company reduced their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a report on Monday, February 24th. Jefferies Financial Group assumed coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price target on the stock. Finally, Raymond James dropped their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. One research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.