94,561 Shares in Sonoco Products Company $SON Purchased by Synergy Asset Management LLC

Synergy Asset Management LLC purchased a new stake in shares of Sonoco Products Company (NYSE:SON) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 94,561 shares of the industrial products company’s stock, valued at approximately $4,127,000.

Other hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in shares of Sonoco Products by 0.3% during the 2nd quarter. State Street Corp now owns 4,470,449 shares of the industrial products company’s stock worth $194,733,000 after purchasing an additional 13,161 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 2.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,721,421 shares of the industrial products company’s stock valued at $160,353,000 after purchasing an additional 105,798 shares during the period. Bank of America Corp DE boosted its holdings in Sonoco Products by 6.1% during the second quarter. Bank of America Corp DE now owns 2,804,621 shares of the industrial products company’s stock worth $122,169,000 after buying an additional 162,262 shares in the last quarter. Earnest Partners LLC boosted its holdings in Sonoco Products by 1.2% during the third quarter. Earnest Partners LLC now owns 2,678,122 shares of the industrial products company’s stock worth $115,400,000 after buying an additional 31,932 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Sonoco Products by 357.8% during the third quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company’s stock valued at $90,693,000 after buying an additional 1,654,576 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insider Activity at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the completion of the transaction, the insider owned 9,377 shares of the company’s stock, valued at $528,769.03. This represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.98% of the stock is owned by insiders.

Sonoco Products Stock Performance

NYSE:SON opened at $53.55 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05. The stock has a market capitalization of $5.29 billion, a PE ratio of 5.32, a P/E/G ratio of 1.07 and a beta of 0.51. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $58.44. The company has a fifty day moving average of $52.25 and a two-hundred day moving average of $46.11.

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

Sonoco Products Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have weighed in on SON. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a research report on Friday, March 6th. Wall Street Zen upgraded Sonoco Products from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Truist Financial restated a “buy” rating and issued a $69.00 price target (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Robert W. Baird increased their price target on Sonoco Products from $48.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Finally, Citigroup raised their price objective on Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Sonoco Products has an average rating of “Hold” and a consensus target price of $62.13.

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.