Truist Financial Corp Trims Stake in Sonoco Products (NYSE:SON)

Truist Financial Corp trimmed its stake in Sonoco Products (NYSE:SON) by 1.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,728 shares of the industrial products company’s stock after selling 1,520 shares during the period. Truist Financial Corp’s holdings in Sonoco Products were worth $8,477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. SG Americas Securities LLC raised its holdings in Sonoco Products by 37.2% during the third quarter. SG Americas Securities LLC now owns 13,149 shares of the industrial products company’s stock valued at $715,000 after acquiring an additional 3,562 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in Sonoco Products by 4.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 9,045 shares of the industrial products company’s stock valued at $492,000 after acquiring an additional 346 shares during the period. Raymond James & Associates raised its holdings in Sonoco Products by 2.3% during the third quarter. Raymond James & Associates now owns 86,558 shares of the industrial products company’s stock valued at $4,704,000 after acquiring an additional 1,908 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Sonoco Products by 10.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 21,993 shares of the industrial products company’s stock valued at $1,195,000 after acquiring an additional 2,150 shares during the period. Finally, New York State Teachers Retirement System raised its holdings in Sonoco Products by 8.9% during the third quarter. New York State Teachers Retirement System now owns 99,930 shares of the industrial products company’s stock valued at $5,431,000 after acquiring an additional 8,167 shares during the period. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Trading Up 2.2 %

Shares of SON stock opened at $56.82 on Friday. The stock’s 50-day moving average price is $56.92 and its 200-day moving average price is $56.00. The company has a current ratio of 1.31, a quick ratio of 1.10 and a debt-to-equity ratio of 1.08. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The stock has a market capitalization of $5.58 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the previous year, the business earned $1.40 EPS. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Equities research analysts predict that Sonoco Products will post 5.19 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 3.66%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s dividend payout ratio is currently 51.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SON. TheStreet cut Sonoco Products from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Citigroup reduced their target price on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Finally, Wells Fargo & Company lifted their target price on Sonoco Products from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.33.

Insider Transactions at Sonoco Products

In other Sonoco Products news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the sale, the vice president now owns 28,273 shares of the company’s stock, valued at $1,612,691.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sonoco Products news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the completion of the sale, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Adam Wood sold 537 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the transaction, the vice president now owns 28,273 shares in the company, valued at $1,612,691.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,076 shares of company stock worth $749,002. 0.51% of the stock is currently 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.