50,000 Shares in Sonoco Products Company $SON Acquired by EVR Research LP

EVR Research LP purchased a new stake in shares of Sonoco Products Company (NYSE:SON) during the third quarter, Holdings Channel.com reports. The firm purchased 50,000 shares of the industrial products company’s stock, valued at approximately $2,154,000. Sonoco Products accounts for approximately 1.3% of EVR Research LP’s investment portfolio, making the stock its 19th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. TD Waterhouse Canada Inc. acquired a new position in shares of Sonoco Products in the 2nd quarter valued at $30,000. Cornerstone Planning Group LLC purchased a new stake in Sonoco Products during the 3rd quarter valued at about $29,000. True Wealth Design LLC raised its stake in shares of Sonoco Products by 172.5% in the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 471 shares during the last quarter. Ameriflex Group Inc. lifted its holdings in shares of Sonoco Products by 1,263.6% during the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 834 shares during the period. Finally, Clearstead Advisors LLC increased its holdings in Sonoco Products by 258.7% in the 3rd quarter. Clearstead Advisors LLC now owns 1,338 shares of the industrial products company’s stock worth $58,000 after buying an additional 965 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on SON shares. Citigroup lifted their price objective on shares of Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Truist Financial reaffirmed a “buy” rating and issued a $69.00 price target (up from $54.00) on shares of Sonoco Products in a report on Friday, February 20th. Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $56.00 to $60.00 in a research note on Monday, January 5th. Wells Fargo & Company upped their target price on Sonoco Products from $47.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Finally, Robert W. Baird lifted their price target on Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $62.63.

Insider Activity

In other news, insider Ernest D. Haynes III sold 1,581 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the completion of the sale, the insider owned 9,377 shares of the company’s stock, valued at $528,769.03. The trade was a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Price Performance

NYSE:SON opened at $52.78 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. Sonoco Products Company has a 52 week low of $38.65 and a 52 week high of $58.44. The stock’s 50-day moving average price is $51.11 and its 200-day moving average price is $45.69. The stock has a market capitalization of $5.21 billion, a PE ratio of 5.24, a price-to-earnings-growth ratio of 1.07 and a beta of 0.51.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.76 billion. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.Sonoco Products’s revenue for the quarter was up 29.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 earnings per share. As a group, equities analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Wednesday, February 25th. Sonoco Products’s dividend payout ratio (DPR) is presently 21.05%.

Sonoco Products Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.