BNP Paribas Financial Markets Raises Holdings in Sonoco Products (NYSE:SON)

BNP Paribas Financial Markets boosted its stake in shares of Sonoco Products (NYSE:SON) by 190.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,652 shares of the industrial products company’s stock after purchasing an additional 24,022 shares during the quarter. BNP Paribas Financial Markets’ holdings in Sonoco Products were worth $1,790,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SON. Quarry LP increased its holdings in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 511 shares during the period. Principal Securities Inc. increased its holdings in shares of Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock valued at $66,000 after acquiring an additional 351 shares during the last quarter. Albion Financial Group UT purchased a new position in shares of Sonoco Products in the 4th quarter valued at about $84,000. SRS Capital Advisors Inc. increased its holdings in shares of Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock valued at $84,000 after acquiring an additional 1,297 shares during the last quarter. Finally, Spire Wealth Management increased its holdings in shares of Sonoco Products by 11.5% in the 4th quarter. Spire Wealth Management now owns 3,599 shares of the industrial products company’s stock valued at $176,000 after acquiring an additional 370 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Up 1.2%

Shares of NYSE SON opened at $46.40 on Friday. The stock has a market cap of $4.58 billion, a PE ratio of 28.12, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. 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 has a 52-week low of $39.46 and a 52-week high of $61.73. The business has a 50-day moving average price of $45.08 and a 200 day moving average price of $47.64.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the company earned $1.12 earnings per share. The firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. Equities research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.57%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 137.66%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Raymond James dropped their price objective on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Truist Financial dropped their price objective on Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. StockNews.com upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a report on Monday, February 24th. Finally, Jefferies Financial Group started coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $56.43.

Insiders Place Their Bets

In other Sonoco Products news, Director John R. Haley purchased 2,246 shares of Sonoco Products stock in a transaction dated Friday, May 2nd. The stock was acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the acquisition, the director now directly owns 20,804 shares of the company’s stock, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 50,721 shares of company stock valued at $2,206,646. 0.74% of the stock is owned by company insiders.

About Sonoco Products

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.