M&T Bank Corp Increases Stake in Sonoco Products (NYSE:SON)

M&T Bank Corp lifted its stake in shares of Sonoco Products (NYSE:SON) by 4.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,662 shares of the industrial products company’s stock after buying an additional 1,963 shares during the quarter. M&T Bank Corp’s holdings in Sonoco Products were worth $2,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Atria Investments Inc increased its position in shares of Sonoco Products by 5.4% during the fourth quarter. Atria Investments Inc now owns 29,952 shares of the industrial products company’s stock valued at $1,463,000 after buying an additional 1,529 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Sonoco Products by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,044,620 shares of the industrial products company’s stock worth $51,030,000 after purchasing an additional 15,454 shares during the period. SRS Capital Advisors Inc. grew its holdings in Sonoco Products by 311.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 1,297 shares during the period. Bailard Inc. purchased a new stake in Sonoco Products in the fourth quarter worth about $467,000. Finally, Argyle Capital Management LLC grew its holdings in Sonoco Products by 9.5% in the fourth quarter. Argyle Capital Management LLC now owns 32,358 shares of the industrial products company’s stock worth $1,581,000 after purchasing an additional 2,800 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insider Activity at Sonoco Products

In related news, Director John R. Haley acquired 3,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were bought 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 directly owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the transaction, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.51% of the stock is owned by insiders.

Analysts Set New Price Targets

SON has been the topic of a number of recent research reports. Wells Fargo & Company cut their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a report on Monday, February 24th. StockNews.com upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Truist Financial cut their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Citigroup cut their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Bank of America upped their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products presently has an average rating of “Hold” and a consensus target price of $58.50.

Sonoco Products Trading Up 1.9 %

Shares of NYSE SON opened at $47.80 on Monday. The firm’s 50 day moving average price is $47.57 and its 200-day moving average price is $50.82. The company has a market cap of $4.70 billion, a PE ratio of 28.97, a P/E/G ratio of 0.76 and a beta of 0.61. Sonoco Products has a 52-week low of $44.35 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 issued its 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 firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate 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 expect that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a yield of 4.35%. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

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.