Earnest Partners LLC Has $126.75 Million Holdings in Sonoco Products (NYSE:SON)

Earnest Partners LLC raised its position in Sonoco Products (NYSE:SON) by 0.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,594,601 shares of the industrial products company’s stock after purchasing an additional 10,661 shares during the period. Earnest Partners LLC’s holdings in Sonoco Products were worth $126,746,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock worth $1,393,000 after buying an additional 224 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company’s stock worth $346,000 after acquiring an additional 243 shares in the last quarter. Wedmont Private Capital raised its holdings in shares of Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock valued at $306,000 after purchasing an additional 247 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company’s stock worth $2,103,000 after purchasing an additional 270 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its position in shares of Sonoco Products by 6.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock worth $230,000 after purchasing an additional 284 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Insider Activity at Sonoco Products

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lowered their price target on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, February 24th. StockNews.com downgraded Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 target price on the stock. Raymond James decreased their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Finally, Citigroup dropped 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. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $56.43.

Sonoco Products Price Performance

Shares of NYSE SON opened at $46.23 on Friday. Sonoco Products has a twelve month low of $39.46 and a twelve month high of $61.73. The company has a market cap of $4.56 billion, a PE ratio of 28.02, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The business’s 50 day moving average price is $45.66 and its two-hundred day moving average price is $48.51. 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 (NYSE:SON) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. On average, analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be issued a dividend of $0.53 per share. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 annualized dividend and a dividend yield of 4.59%. Sonoco Products’s payout ratio is presently 128.48%.

About Sonoco Products

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.