Spire Wealth Management Has $176,000 Stake in Sonoco Products (NYSE:SON)

Spire Wealth Management boosted its holdings in shares of Sonoco Products (NYSE:SON) by 11.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,599 shares of the industrial products company’s stock after buying an additional 370 shares during the period. Spire Wealth Management’s holdings in Sonoco Products were worth $176,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SON. Geode Capital Management LLC grew its position in shares of Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after purchasing an additional 42,701 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Sonoco Products by 63.2% in 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 during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Sonoco Products by 50.4% in the third 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 purchasing an additional 344,658 shares during the last quarter. FMR LLC grew its position in shares of Sonoco Products by 70.1% in the third quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock valued at $30,571,000 after purchasing an additional 230,709 shares during the last quarter. Finally, Private Management Group Inc. acquired a new stake in shares of Sonoco Products in the third quarter valued at about $24,994,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SON has been the topic of several research analyst reports. Citigroup lowered 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. Bank of America increased 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. Wells Fargo & Company reduced their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Robert W. Baird reduced 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. Finally, Truist Financial increased their target price on shares of Sonoco Products from $63.00 to $68.00 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, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Sonoco Products Stock Down 1.6 %

Shares of SON opened at $46.91 on Friday. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 12 month low of $45.93 and a 12 month high of $61.73. The company has a 50-day moving average price of $49.02 and a two-hundred day moving average price of $51.35.

Insiders Place Their Bets

In other 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 transaction of $191,800.00. Following the completion of the sale, 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 is accessible through this link. Corporate insiders own 0.51% of the company’s stock.

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.