Pictet Asset Management Holding SA reduced its stake in Sonoco Products Company (NYSE:SON – Free Report) by 8.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 601,871 shares of the industrial products company’s stock after selling 57,257 shares during the period. Pictet Asset Management Holding SA’s holdings in Sonoco Products were worth $32,555,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. increased its position in shares of Sonoco Products by 77.7% during the fourth quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 258 shares during the last quarter. LRI Investments LLC acquired a new position in shares of Sonoco Products in the 4th quarter worth approximately $29,000. Ameriflex Group Inc. boosted its position in shares of Sonoco Products by 1,263.6% during the 3rd quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 834 shares during the period. Larson Financial Group LLC boosted its position in shares of Sonoco Products by 1,826.9% during the 3rd quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 950 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in Sonoco Products in the 4th quarter valued at approximately $47,000. Institutional investors and hedge funds own 77.69% of the company’s stock.
Sonoco Products Price Performance
Sonoco Products stock opened at $56.39 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. Sonoco Products Company has a 52-week low of $38.65 and a 52-week high of $58.44. The firm has a market cap of $5.58 billion, a PE ratio of 5.53, a price-to-earnings-growth ratio of 1.17 and a beta of 0.39. The company’s 50 day moving average is $50.34 and its two-hundred day moving average is $50.50.
Sonoco Products Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 8th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Friday, May 8th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.53. Sonoco Products’s payout ratio is presently 21.18%.
Insider Activity
In related news, insider James A. Harrell III acquired 6,753 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was acquired at an average price of $50.37 per share, for a total transaction of $340,148.61. Following the purchase, the insider owned 10,070 shares of the company’s stock, valued at $507,225.90. This represents a 203.59% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Paul Joachimczyk acquired 8,058 shares of the stock in a transaction dated Friday, April 24th. The shares were bought at an average cost of $49.64 per share, with a total value of $399,999.12. Following the completion of the transaction, the chief financial officer owned 28,558 shares of the company’s stock, valued at approximately $1,417,619.12. This represents a 39.31% increase in their position. The SEC filing for this purchase provides additional information. 0.98% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the company. UBS Group decreased their price target on Sonoco Products from $62.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, April 10th. Wells Fargo & Company dropped their price objective on Sonoco Products from $60.00 to $56.00 and set an “equal weight” rating for the company in a research note on Friday, March 20th. Argus upgraded Sonoco Products to a “hold” rating in a report on Monday, April 20th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Finally, Bank of America reaffirmed a “buy” rating on shares of Sonoco Products in a research report on Wednesday, April 22nd. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.11.
View Our Latest Stock Analysis on Sonoco Products
Sonoco Products Profile
Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.
With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.
Featured Articles
- Five stocks we like better than Sonoco Products
- NextEra’s Dominion Deal Could Put It at the Center of the AI Power Race
- Amazon Could Be About to Reap the Rewards of a Software Spending Boom
- Best Buy’s Turnaround Is Gaining Traction, But Wall Street Still Needs Proof
- AI Fears Hit Nebius Stock, But Has the Growth Thesis Changed?
Want to see what other hedge funds are holding SON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonoco Products Company (NYSE:SON – Free Report).
Receive News & Ratings for Sonoco Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.
