Oppenheimer Asset Management Inc. Purchases 2,465 Shares of Sonoco Products Company (NYSE:SON)

Oppenheimer Asset Management Inc. boosted its position in Sonoco Products Company (NYSE:SON) by 9.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,647 shares of the industrial products company’s stock after purchasing an additional 2,465 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sonoco Products were worth $1,401,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Sonoco Products by 24.0% in the 4th quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company’s stock valued at $42,002,000 after purchasing an additional 166,552 shares during the period. Wellington Management Group LLP acquired a new position in Sonoco Products in the 4th quarter valued at $15,533,000. JPMorgan Chase & Co. raised its holdings in Sonoco Products by 3.9% in the 4th quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock valued at $25,817,000 after acquiring an additional 20,075 shares in the last quarter. Edgestream Partners L.P. raised its holdings in Sonoco Products by 422.2% in the 4th quarter. Edgestream Partners L.P. now owns 153,350 shares of the industrial products company’s stock valued at $7,491,000 after acquiring an additional 123,983 shares in the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in Sonoco Products by 36.7% in the 4th quarter. ExodusPoint Capital Management LP now owns 224,877 shares of the industrial products company’s stock valued at $10,985,000 after acquiring an additional 60,406 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director John R. Haley purchased 2,246 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was bought at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director now owns 20,804 shares in the company, valued at approximately $927,234.28. This represents a 12.10% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the firm’s stock in a transaction that occurred on Wednesday, April 30th. The shares were acquired at an average cost of $40.34 per share, with a total value of $220,861.50. Following the purchase, the director now directly owns 29,540 shares of the company’s stock, valued at $1,191,643.60. This trade represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 27,721 shares of company stock valued at $1,144,366 in the last 90 days. Corporate insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SON. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price objective for the company. Raymond James Financial dropped their price objective on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company 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 for the company in a report on Tuesday, April 22nd. UBS Group started coverage on Sonoco Products in a report on Wednesday, June 4th. They set a “neutral” rating and a $48.00 price target for the company. Finally, Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and a consensus target price of $56.25.

Sonoco Products Price Performance

Shares of SON opened at $43.82 on Friday. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.77. The business has a 50-day simple moving average of $44.96 and a two-hundred day simple moving average of $46.39. The company has a quick ratio of 0.51, a current ratio of 0.80 and a debt-to-equity ratio of 2.02. The stock has a market cap of $4.32 billion, a PE ratio of 28.45, a PEG ratio of 0.55 and a beta of 0.70.

Sonoco Products (NYSE:SON) last issued 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 return on equity of 21.78% and a net margin of 2.40%. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the company earned $1.12 EPS. Sonoco Products’s revenue for the quarter was up 30.6% on a year-over-year basis. Analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.84%. The ex-dividend date was Friday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. 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.