Oppenheimer Asset Management Inc. Decreases Position in Sonoco Products (NYSE:SON)

Oppenheimer Asset Management Inc. trimmed its holdings in shares of Sonoco Products (NYSE:SON) by 4.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 27,182 shares of the industrial products company’s stock after selling 1,145 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Sonoco Products were worth $1,328,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Kennebec Savings Bank acquired a new stake in Sonoco Products in the third quarter worth about $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products in the 3rd quarter valued at approximately $33,000. Principal Securities Inc. boosted its stake in Sonoco Products by 35.0% in the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Sonoco Products during the 3rd quarter worth approximately $71,000. Finally, Albion Financial Group UT purchased a new stake in Sonoco Products during the 4th quarter worth approximately $84,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Shares of SON opened at $47.29 on Tuesday. The business’s 50-day moving average is $47.77 and its two-hundred day moving average is $50.94. The company has a market capitalization of $4.65 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.76 and a beta of 0.67. Sonoco Products has a fifty-two week low of $44.35 and a fifty-two 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 earnings results on Tuesday, February 18th. The industrial products company reported $1.17 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 company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Research analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio is currently 126.06%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SON shares. 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 report on Monday, January 6th. Truist Financial reduced their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Bank of America boosted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Robert W. Baird reduced their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, StockNews.com lowered Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.50.

Insider Buying and Selling

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now directly 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 through this link. Also, Director John R. Haley bought 3,000 shares of the firm’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 transaction, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by insiders.

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.