Smith Moore & CO. Decreases Stock Holdings in Sonoco Products (NYSE:SON)

Smith Moore & CO. cut its stake in Sonoco Products (NYSE:SON) by 23.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 11,754 shares of the industrial products company’s stock after selling 3,542 shares during the quarter. Smith Moore & CO.’s holdings in Sonoco Products were worth $574,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its stake in Sonoco Products by 70.1% during the third quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock worth $30,571,000 after buying an additional 230,709 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Sonoco Products during the 3rd quarter worth $111,000. Walleye Capital LLC boosted its position in shares of Sonoco Products by 50.1% during the 3rd quarter. Walleye Capital LLC now owns 9,696 shares of the industrial products company’s stock valued at $530,000 after acquiring an additional 3,237 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Sonoco Products by 32.7% in the third quarter. Quantinno Capital Management LP now owns 21,678 shares of the industrial products company’s stock valued at $1,184,000 after purchasing an additional 5,338 shares during the period. Finally, Stifel Financial Corp increased its position in Sonoco Products by 18.6% during the third quarter. Stifel Financial Corp now owns 194,209 shares of the industrial products company’s stock worth $10,610,000 after purchasing an additional 30,500 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Down 4.8 %

NYSE:SON opened at $43.77 on Friday. Sonoco Products has a 52 week low of $43.40 and a 52 week high of $61.73. The stock’s fifty day moving average is $47.12 and its two-hundred day moving average is $49.72. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of 26.52, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is currently 126.06%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SON shares. Bank of America increased their price target 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. Truist Financial lowered their price objective on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 21st. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup lowered their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company cut their price objective 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $58.50.

Insider Buying and Selling

In related news, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $191,800.00. Following the sale, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is owned by insiders.

Sonoco Products Company 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.