Wedge Capital Management L L P NC Cuts Stock Position in Sonoco Products (NYSE:SON)

Wedge Capital Management L L P NC cut its holdings in Sonoco Products (NYSE:SON) by 0.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 130,491 shares of the industrial products company’s stock after selling 604 shares during the quarter. Wedge Capital Management L L P NC owned 0.13% of Sonoco Products worth $6,164,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Sonoco Products by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company’s stock worth $543,638,000 after acquiring an additional 120,843 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Sonoco Products by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company’s stock worth $153,411,000 after acquiring an additional 136,965 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Sonoco Products by 0.4% in the fourth quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company’s stock worth $126,746,000 after acquiring an additional 10,661 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new stake in shares of Sonoco Products in the fourth quarter worth approximately $78,203,000. Finally, Invesco Ltd. boosted its stake in shares of Sonoco Products by 13.0% in the fourth quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company’s stock worth $66,338,000 after acquiring an additional 155,893 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $45.13 on Monday. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $59.62. The business’s fifty day simple moving average is $44.69 and its 200-day simple moving average is $47.09. The firm has a market cap of $4.45 billion, a PE ratio of 27.35, a price-to-earnings-growth ratio of 0.76 and a beta of 0.70. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS 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 business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the company earned $1.12 EPS. The business’s revenue for the quarter was up 30.6% on a year-over-year basis. Equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s payout ratio is currently 137.66%.

Analysts Set New Price Targets

SON has been the topic of a number of research analyst reports. UBS Group initiated coverage on Sonoco Products in a research note on Wednesday, June 4th. They issued a “neutral” rating and a $48.00 price target on the stock. Truist Financial lowered their price objective on Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Raymond James lowered their price objective 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. Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.25.

Insider Activity at Sonoco Products

In other news, Director John R. Haley acquired 2,246 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were purchased 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 of the company’s stock, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the acquisition, the chief executive officer now directly owns 482,365 shares in the company, 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. In the last 90 days, insiders have bought 47,721 shares of company stock worth $2,066,366. 0.74% of the stock is currently owned by company insiders.

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.