Sonoco Products (NYSE:SON) Shares Bought by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP grew its holdings in Sonoco Products (NYSE:SON) by 36.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 224,877 shares of the industrial products company’s stock after acquiring an additional 60,406 shares during the period. ExodusPoint Capital Management LP owned about 0.23% of Sonoco Products worth $10,985,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SON. Huntington National Bank boosted its holdings in Sonoco Products by 7.8% in the 4th quarter. Huntington National Bank now owns 5,872 shares of the industrial products company’s stock worth $287,000 after acquiring an additional 426 shares during the period. Franklin Resources Inc. boosted its stake in shares of Sonoco Products by 13.2% in the fourth quarter. Franklin Resources Inc. now owns 83,219 shares of the industrial products company’s stock valued at $4,065,000 after purchasing an additional 9,718 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Sonoco Products by 9.4% in the fourth quarter. Alliancebernstein L.P. now owns 171,055 shares of the industrial products company’s stock worth $8,356,000 after acquiring an additional 14,684 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Sonoco Products during the 4th quarter valued at approximately $15,533,000. Finally, Norges Bank acquired a new position in shares of Sonoco Products in the 4th quarter valued at approximately $60,984,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO R. Howard Coker acquired 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares in the company, 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 legal filing with the SEC, which is accessible through the SEC website. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

SON has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Truist Financial cut their target price on shares of 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 Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Wells Fargo & Company decreased their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and a consensus target price of $58.50.

Sonoco Products Stock Down 4.8 %

NYSE:SON opened at $43.77 on Friday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The stock has a 50 day moving average of $47.12 and a 200-day moving average of $49.77. The firm has a market capitalization of $4.32 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a 52 week low of $43.40 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON) last issued its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $1.67 billion. Analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were paid a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.75%. Sonoco Products’s payout ratio is currently 126.06%.

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.