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

Wedge Capital Management L L P NC decreased its holdings in Sonoco Products (NYSE:SON) by 1.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 131,095 shares of the industrial products company’s stock after selling 1,901 shares during the period. Wedge Capital Management L L P NC’s holdings in Sonoco Products were worth $6,404,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in shares of Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after purchasing an additional 248,236 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Sonoco Products in the 2nd quarter worth approximately $2,419,000. Jane Street Group LLC lifted its stake in shares of Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock valued at $10,126,000 after purchasing an additional 140,370 shares during the period. Nordea Investment Management AB boosted its position in shares of Sonoco Products by 63.2% during the fourth quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock valued at $55,181,000 after purchasing an additional 437,128 shares in the last quarter. Finally, Versor Investments LP purchased a new stake in Sonoco Products in the third quarter worth $970,000. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

SON opened at $47.72 on Friday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The company’s 50-day simple moving average is $49.80 and its two-hundred day simple moving average is $51.59. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73. The stock has a market capitalization of $4.69 billion, a P/E ratio of 16.40, a P/E/G ratio of 0.72 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. As a group, analysts predict that Sonoco Products will post 5.12 EPS for the current year.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’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 value of $191,800.00. Following the transaction, the director now owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Bank of America boosted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company dropped their price objective 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. Robert W. Baird decreased their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Citigroup dropped their price target on 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, Truist Financial raised their price objective on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

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.