Sonoco Products (NYSE:SON) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. trimmed its holdings in Sonoco Products (NYSE:SON) by 46.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,146 shares of the industrial products company’s stock after selling 1,887 shares during the period. Bessemer Group Inc.’s holdings in Sonoco Products were worth $105,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SON. Vanguard Group Inc. grew its position in shares of Sonoco Products by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company’s stock valued at $543,638,000 after purchasing an additional 120,843 shares during the last quarter. Geode Capital Management LLC lifted its stake in Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after buying an additional 42,701 shares in the last quarter. Invesco Ltd. grew its holdings in Sonoco Products by 13.0% during the 4th quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company’s stock valued at $66,338,000 after buying an additional 155,893 shares during the last quarter. Sei Investments Co. increased its position in Sonoco Products by 3.3% during the fourth quarter. Sei Investments Co. now owns 1,345,054 shares of the industrial products company’s stock worth $65,706,000 after buying an additional 43,238 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Sonoco Products in the fourth quarter worth $60,984,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Stock Down 1.3 %

NYSE SON opened at $43.45 on Thursday. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The business has a 50 day moving average price of $46.05 and a two-hundred day moving average price of $48.97. The stock has a market cap of $4.29 billion, a PE ratio of 26.33, a P/E/G ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. As a group, sell-side analysts predict 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. Shareholders of record on Friday, May 9th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.88%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. Sonoco Products’s dividend payout ratio is presently 126.06%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup decreased their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Wells Fargo & Company lowered their price target on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Truist Financial reduced their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Bank of America lifted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.50.

Insider Activity

In related news, Director John R. Haley bought 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were acquired at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the purchase, the director now owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO R. Howard Coker purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, with a total value of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company’s stock.

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.