Sonoco Products Company (NYSE:SON) Sees Significant Decline in Short Interest

Sonoco Products Company (NYSE:SON) was the recipient of a large drop in short interest in February. As of February 13th, there was short interest totaling 4,974,989 shares, a drop of 23.2% from the January 29th total of 6,478,790 shares. Based on an average trading volume of 1,014,603 shares, the days-to-cover ratio is currently 4.9 days. Currently, 5.1% of the shares of the stock are short sold. Currently, 5.1% of the shares of the stock are short sold. Based on an average trading volume of 1,014,603 shares, the days-to-cover ratio is currently 4.9 days.

Sonoco Products Trading Down 0.2%

SON stock traded down $0.13 during trading on Monday, reaching $56.34. 441,105 shares of the stock traded hands, compared to its average volume of 1,068,348. The firm has a market capitalization of $5.56 billion, a PE ratio of 5.60, a P/E/G ratio of 1.13 and a beta of 0.50. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.05 and a quick ratio of 0.60. The business’s 50 day moving average price is $49.21 and its 200-day moving average price is $45.19. Sonoco Products has a 52-week low of $38.65 and a 52-week high of $58.44.

Sonoco Products (NYSE:SON) last issued its 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. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business earned $1.17 EPS. The company’s revenue for the quarter was up 29.7% on a year-over-year basis. As a group, sell-side analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 3.8%. The ex-dividend date is Wednesday, February 25th. Sonoco Products’s dividend payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SON shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and raised their target price for the stock from $56.00 to $60.00 in a research report on Monday, January 5th. Truist Financial reiterated 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. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen upgraded Sonoco Products from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Sonoco Products presently has a consensus rating of “Hold” and a consensus target price of $62.63.

Insider Activity

In other news, insider Ernest D. Haynes III sold 1,581 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $56.39, for a total value of $89,152.59. Following the sale, the insider directly owned 9,377 shares in the company, valued at $528,769.03. This represents 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 through the SEC website. 0.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors have recently added to or reduced their stakes in SON. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonoco Products by 44.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock worth $2,319,000 after purchasing an additional 15,079 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Sonoco Products by 80.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock valued at $9,755,000 after purchasing an additional 92,286 shares during the period. Empowered Funds LLC grew its holdings in Sonoco Products by 14.1% in the 1st quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock worth $522,000 after buying an additional 1,364 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock worth $25,754,000 after purchasing an additional 255,055 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of Sonoco Products by 73.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 13,884 shares of the industrial products company’s stock valued at $605,000 after acquiring an additional 5,864 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Company 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.