Teacher Retirement System of Texas Sells 3,322 Shares of Sonoco Products (NYSE:SON)

Teacher Retirement System of Texas lowered its stake in shares of Sonoco Products (NYSE:SON) by 8.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,388 shares of the industrial products company’s stock after selling 3,322 shares during the quarter. Teacher Retirement System of Texas’ holdings in Sonoco Products were worth $1,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SON. Private Management Group Inc. boosted its holdings in shares of Sonoco Products by 27.7% during the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock worth $28,547,000 after buying an additional 126,867 shares during the period. Quilter Plc boosted its holdings in Sonoco Products by 3.1% during the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after acquiring an additional 8,895 shares during the period. Synergy Asset Management LLC grew its position in shares of Sonoco Products by 9.0% in the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock valued at $3,610,000 after purchasing an additional 5,505 shares during the last quarter. ING Groep NV increased its stake in shares of Sonoco Products by 579.8% in the fourth quarter. ING Groep NV now owns 144,800 shares of the industrial products company’s stock worth $7,073,000 after purchasing an additional 123,500 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Down 0.5 %

Shares of SON stock opened at $46.89 on Friday. The firm has a fifty day moving average of $47.34 and a 200-day moving average of $50.10. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 0.76 and a beta of 0.61. Sonoco Products has a 52-week low of $44.36 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79.

Sonoco Products (NYSE:SON) last posted 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). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. On average, equities research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.44%. The ex-dividend date was Wednesday, February 26th. Sonoco Products’s dividend payout ratio is 126.06%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John R. Haley purchased 3,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director now owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.51% of the company’s stock.

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.