49,097 Shares in Sonoco Products Company $SON Acquired by ARGA Investment Management LP

ARGA Investment Management LP purchased a new position in Sonoco Products Company (NYSE:SON) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 49,097 shares of the industrial products company’s stock, valued at approximately $2,116,000.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Sonoco Products during the second quarter valued at about $53,618,000. Nordea Investment Management AB grew its stake in Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after buying an additional 1,164,849 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Sonoco Products during the 2nd quarter valued at $11,569,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after buying an additional 255,055 shares in the last quarter. Finally, Access Investment Management LLC bought a new position in shares of Sonoco Products in the second quarter worth about $10,550,000. 77.69% of the stock is owned by institutional investors.

Insider Activity at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk purchased 20,500 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the transaction, the chief financial officer owned 20,500 shares in the company, valued at approximately $809,750. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director John R. Haley purchased 2,506 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was bought at an average price of $39.87 per share, with a total value of $99,914.22. Following the completion of the purchase, the director owned 23,310 shares of the company’s stock, valued at $929,369.70. This trade represents a 12.05% increase in their position. The SEC filing for this purchase provides additional information. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Price Performance

Shares of SON opened at $48.63 on Friday. The company’s 50-day moving average is $43.85 and its 200-day moving average is $44.14. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. The firm has a market capitalization of $4.80 billion, a PE ratio of 7.72, a PEG ratio of 0.76 and a beta of 0.55. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $50.09.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, October 22nd. The industrial products company reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $0.01. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the company earned $1.49 earnings per share. The firm’s quarterly revenue was up 57.3% compared to the same quarter last year. Equities analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Analysts Set New Price Targets

SON has been the topic of a number of research reports. Truist Financial upped their target price on shares of Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 target price (down from $52.00) on shares of Sonoco Products in a research note on Tuesday, January 6th. Jefferies Financial Group lowered their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, UBS Group raised their price target on shares of Sonoco Products from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.86.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.