KBC Group NV Sells 486 Shares of Sonoco Products Company (NYSE:SON)

KBC Group NV lessened its holdings in shares of Sonoco Products Company (NYSE:SON) by 13.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,264 shares of the industrial products company’s stock after selling 486 shares during the quarter. KBC Group NV’s holdings in Sonoco Products were worth $154,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. Northern Trust Corp raised its holdings in Sonoco Products by 24.0% in the fourth quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company’s stock worth $42,002,000 after purchasing an additional 166,552 shares in the last quarter. Wellington Management Group LLP bought a new position in Sonoco Products in the fourth quarter worth $15,533,000. Sequoia Financial Advisors LLC bought a new position in Sonoco Products in the first quarter worth $820,000. JPMorgan Chase & Co. raised its holdings in Sonoco Products by 3.9% in the fourth quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock worth $25,817,000 after purchasing an additional 20,075 shares in the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in Sonoco Products by 36.7% in the fourth quarter. ExodusPoint Capital Management LP now owns 224,877 shares of the industrial products company’s stock worth $10,985,000 after purchasing an additional 60,406 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Down 0.3%

NYSE SON opened at $46.51 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.51 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 stock has a market cap of $4.59 billion, a P/E ratio of 30.20, a P/E/G ratio of 0.58 and a beta of 0.68. The stock’s fifty day moving average price is $45.01 and its 200-day moving average price is $46.14.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the business earned $1.12 earnings per share. The company’s quarterly revenue was up 30.6% on a year-over-year basis. As a group, equities analysts forecast that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

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

Insider Activity at Sonoco Products

In other news, Director John R. Haley bought 2,246 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the completion of the transaction, the director owned 20,804 shares of the company’s stock, valued at approximately $927,234.28. This trade represents a 12.10% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was purchased at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the transaction, the chief executive officer directly owned 502,365 shares of the company’s stock, valued at approximately $20,682,367.05. The trade was a 4.15% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 27,721 shares of company stock valued at $1,144,366 over the last ninety days. Insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wells Fargo & Company upgraded Sonoco Products from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Jefferies Financial Group assumed 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 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. Wall Street Zen raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, Truist Financial cut their target price 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. Three equities research 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, Sonoco Products presently has an average rating of “Moderate Buy” and an average target price of $56.25.

Sonoco Products 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.