Perigon Wealth Management LLC Takes Position in Sonoco Products (NYSE:SON)

Perigon Wealth Management LLC bought a new stake in Sonoco Products (NYSE:SON) in the fourth quarter, HoldingsChannel reports. The firm bought 5,268 shares of the industrial products company’s stock, valued at approximately $251,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SON. Geode Capital Management LLC increased its position in Sonoco Products by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after buying an additional 42,701 shares in the last quarter. Nordea Investment Management AB increased its position in Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock valued at $55,181,000 after buying an additional 437,128 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Sonoco Products by 50.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock valued at $56,223,000 after buying an additional 344,658 shares in the last quarter. FMR LLC increased its position in Sonoco Products by 70.1% during the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock valued at $30,571,000 after buying an additional 230,709 shares in the last quarter. Finally, Private Management Group Inc. bought a new position in Sonoco Products during the 3rd quarter valued at approximately $24,994,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

NYSE:SON opened at $47.50 on Monday. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $4.67 billion, a P/E ratio of 16.32, a P/E/G ratio of 0.77 and a beta of 0.68. Sonoco Products has a 12 month low of $45.93 and a 12 month high of $61.73. The business’s 50-day moving average is $49.42 and its 200 day moving average is $51.49.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts forecast that Sonoco Products will post 5.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on SON. Robert W. Baird reduced their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company reduced their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Truist Financial lifted their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Citigroup reduced their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and an average target price of $60.17.

Insider Activity

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 stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% of the company’s stock.

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.