GAMMA Investing LLC Sells 320 Shares of Sonoco Products Company (NYSE:SON)

GAMMA Investing LLC lowered its stake in Sonoco Products Company (NYSE:SON) by 10.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,838 shares of the industrial products company’s stock after selling 320 shares during the period. GAMMA Investing LLC’s holdings in Sonoco Products were worth $134,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. UMB Bank n.a. boosted its stake in Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock valued at $45,000 after buying an additional 574 shares in the last quarter. Colonial Trust Co SC boosted its stake in shares of Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares in the last quarter. Quarry LP boosted its stake in shares of Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares in the last quarter. True Wealth Design LLC boosted its stake in shares of Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 950 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Sonoco Products by 474.8% during the first quarter. Versant Capital Management Inc now owns 2,299 shares of the industrial products company’s stock valued at $109,000 after purchasing an additional 1,899 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.3%

Shares of NYSE:SON opened at $46.51 on Friday. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 30.20, a PEG ratio of 0.58 and a beta of 0.68. The company has a quick ratio of 0.51, a current ratio of 0.80 and a debt-to-equity ratio of 2.02. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.77. The business’s 50 day moving average is $45.01 and its 200 day moving average is $46.17.

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 the consensus estimate of $1.41 by ($0.03). The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. The firm’s quarterly revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 EPS. On average, sell-side analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s dividend payout ratio is 137.66%.

Analyst Ratings Changes

A number of research firms recently commented on SON. Truist Financial cut their price objective on Sonoco Products from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. UBS Group began coverage on Sonoco Products in a report on Wednesday, June 4th. They issued a “neutral” rating and a $48.00 target price for the company. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 target price for the company. Finally, Raymond James Financial decreased 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. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.25.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction on Wednesday, April 30th. The stock was purchased at an average price of $40.34 per share, for a total transaction of $220,861.50. Following the purchase, the director directly owned 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction on Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, with a total value of $100,104.22. Following the purchase, the director directly owned 20,804 shares in the company, valued at approximately $927,234.28. This trade represents a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 27,721 shares of company stock worth $1,144,366 in the last quarter. 0.74% of the stock is currently owned by company 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.