Truist Financial Corp Sells 2,695 Shares of Sonoco Products (NYSE:SON)

Truist Financial Corp decreased its stake in shares of Sonoco Products (NYSE:SON) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 148,556 shares of the industrial products company’s stock after selling 2,695 shares during the quarter. Truist Financial Corp’s holdings in Sonoco Products were worth $7,257,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kennebec Savings Bank bought a new position in shares of Sonoco Products during the 3rd quarter worth about $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products during the 3rd quarter worth about $33,000. Wilmington Savings Fund Society FSB bought a new position in shares of Sonoco Products during the 3rd quarter worth about $71,000. Principal Securities Inc. increased its holdings in shares of Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares during the period. Finally, Albion Financial Group UT bought a new position in shares of Sonoco Products during the 4th quarter worth about $84,000. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

NYSE:SON opened at $46.88 on Friday. The firm has a market cap of $4.61 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. Sonoco Products has a 12 month low of $44.35 and a 12 month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The company’s 50-day moving average price is $48.12 and its two-hundred day moving average price is $51.02.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. On average, equities analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SON. Truist Financial dropped their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Bank of America upped their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and a consensus target price of $58.83.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares of the company’s stock, valued at $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.51% of the stock is currently owned by 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.