Pictet Asset Management Holding SA Sells 63,734 Shares of Sonoco Products (NYSE:SON)

Pictet Asset Management Holding SA trimmed its holdings in shares of Sonoco Products (NYSE:SON) by 9.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 591,212 shares of the industrial products company’s stock after selling 63,734 shares during the quarter. Pictet Asset Management Holding SA owned 0.60% of Sonoco Products worth $28,881,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of SON. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products during the third quarter worth $71,000. Principal Securities Inc. raised its stake in shares of Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 351 shares during the period. SRS Capital Advisors Inc. raised its stake in shares of Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 1,297 shares during the period. Albion Financial Group UT acquired a new position in shares of Sonoco Products during the fourth quarter worth about $84,000. Finally, Quantbot Technologies LP bought a new position in shares of Sonoco Products during the third quarter worth about $111,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, with a total value of $922,000.00. Following the acquisition, the chief executive officer now owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.74% of the stock is owned by insiders.

Sonoco Products Stock Performance

NYSE SON opened at $46.70 on Monday. The firm’s fifty day moving average price is $47.32 and its two-hundred day moving average price is $49.99. Sonoco Products has a 1 year low of $44.36 and a 1 year high of $61.73. The firm has a market capitalization of $4.61 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON) last issued 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 net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. As a group, research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.52 per share. The ex-dividend date was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.45%. Sonoco Products’s dividend payout ratio is currently 126.06%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SON shares. Truist Financial cut their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. StockNews.com upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. Citigroup cut their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Bank of America raised their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $58.50.

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.