Sonoco Products (NYSE:SON) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC raised its position in Sonoco Products (NYSE:SON) by 4,145.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,067 shares of the industrial products company’s stock after purchasing an additional 130,909 shares during the period. GAMMA Investing LLC owned about 0.14% of Sonoco Products worth $6,333,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Quarry LP boosted its holdings in Sonoco Products by 111.3% in the fourth 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. Colonial Trust Co SC boosted its position in shares of Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 453 shares during the period. True Wealth Design LLC lifted its position in Sonoco Products by 650.7% in the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 950 shares during the period. Principal Securities Inc. increased its position in Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares during the period. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Sonoco Products by 311.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 1,297 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Sonoco Products news, Director John R. Haley purchased 2,246 shares of the stock in a transaction dated Friday, May 2nd. The shares were bought at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the transaction, the director now directly owns 20,804 shares in the company, valued at approximately $927,234.28. This trade represents a 12.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO R. Howard Coker purchased 20,000 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, with a total value of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This represents a 4.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 47,721 shares of company stock valued at $2,066,366. Company insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SON. Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Raymond James cut their price objective on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group started coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price objective on the stock. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Finally, Truist Financial lowered their price target on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.25.

Sonoco Products Price Performance

Shares of SON opened at $45.51 on Tuesday. The firm’s fifty day simple moving average is $44.65 and its 200-day simple moving average is $47.05. Sonoco Products has a twelve month low of $39.46 and a twelve month high of $59.62. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 0.76 and a beta of 0.70.

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

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a dividend of $0.53 per share. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.66%. Sonoco Products’s dividend payout ratio is presently 137.66%.

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.