Sonoco Products (NYSE:SON) Short Interest Up 18.1% in January

Sonoco Products (NYSE:SON) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 2,680,000 shares, an increase of 18.1% from the January 15th total of 2,270,000 shares. Currently, 2.8% of the company’s shares are short sold. Based on an average daily volume of 696,700 shares, the short-interest ratio is presently 3.8 days.

Analyst Ratings Changes

Several research firms recently issued reports on SON. Bank of America boosted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Robert W. Baird decreased their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Truist Financial lifted their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Wells Fargo & Company decreased their price target on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Finally, Citigroup decreased their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Down 0.9 %

Shares of NYSE:SON traded down $0.41 during midday trading on Monday, hitting $47.79. 596,953 shares of the company’s stock were exchanged, compared to its average volume of 684,358. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The stock has a 50 day moving average price of $48.61 and a 200-day moving average price of $51.17. The company has a market cap of $4.70 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. Sonoco Products has a 12 month low of $45.93 and a 12 month high of $61.73.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s payout ratio is 71.48%.

Insider Transactions at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

A number of institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its position in Sonoco Products by 5.9% in the 4th quarter. Janus Henderson Group PLC now owns 43,287 shares of the industrial products company’s stock worth $2,113,000 after purchasing an additional 2,400 shares in the last quarter. Gotham Asset Management LLC grew its position in Sonoco Products by 57.1% in the 4th quarter. Gotham Asset Management LLC now owns 242,315 shares of the industrial products company’s stock worth $11,837,000 after purchasing an additional 88,115 shares in the last quarter. Deutsche Bank AG grew its position in Sonoco Products by 1,104.9% in the 4th quarter. Deutsche Bank AG now owns 94,343 shares of the industrial products company’s stock worth $4,609,000 after purchasing an additional 86,513 shares in the last quarter. Deprince Race & Zollo Inc. grew its position in Sonoco Products by 53.4% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company’s stock worth $62,143,000 after purchasing an additional 442,892 shares in the last quarter. Finally, Colonial Trust Co SC grew its position in Sonoco Products by 90.6% in the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 453 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

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.