Meiji Yasuda Asset Management Co Ltd. Raises Stock Holdings in Sonoco Products (NYSE:SON)

Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Sonoco Products (NYSE:SON) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,972 shares of the industrial products company’s stock after buying an additional 4,253 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned about 0.13% of Sonoco Products worth $6,154,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SON. Principal Securities Inc. boosted its stake in Sonoco Products by 35.0% during the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after acquiring an additional 351 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sonoco Products in the 3rd quarter worth approximately $71,000. Albion Financial Group UT bought a new position in Sonoco Products during the 4th quarter valued at approximately $84,000. SRS Capital Advisors Inc. boosted 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 acquiring an additional 1,297 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Sonoco Products in the third quarter worth $111,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

NYSE SON opened at $46.84 on Tuesday. The company’s 50 day moving average is $47.37 and its two-hundred day moving average is $50.20. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 0.76 and a beta of 0.61. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data 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 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 analysts’ expectations of $1.67 billion. As a group, research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders 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 of this dividend was Wednesday, February 26th. Sonoco Products’s payout ratio is currently 126.06%.

Insider Buying and Selling at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John R. Haley acquired 3,000 shares of the firm’s stock in a transaction 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 owns 18,558 shares of the company’s stock, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SON shares. Wells Fargo & Company dropped 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 raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Bank of America increased their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Truist Financial decreased their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Finally, Citigroup cut their price target on 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, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $58.50.

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.