Access Investment Management LLC Boosts Stake in Sonoco Products (NYSE:SON)

Access Investment Management LLC grew its stake in Sonoco Products (NYSE:SON) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,770 shares of the industrial products company’s stock after buying an additional 4,150 shares during the period. Sonoco Products accounts for 2.7% of Access Investment Management LLC’s holdings, making the stock its 11th biggest position. Access Investment Management LLC’s holdings in Sonoco Products were worth $9,173,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kennebec Savings Bank purchased a new position in shares of Sonoco Products in the third quarter worth $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products in the third quarter worth $33,000. Principal Securities Inc. raised its holdings in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after buying an additional 351 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products in the third quarter worth $71,000. Finally, Albion Financial Group UT purchased a new position in shares of Sonoco Products in the fourth quarter worth $84,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insider Activity

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the sale, the director now owns 16,065 shares in the company, valued at $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SON shares. Wells Fargo & Company reduced their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday. Truist Financial reduced their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. One equities 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 company. Based on data from MarketBeat, Sonoco Products has a consensus rating of “Hold” and an average price target of $58.83.

Sonoco Products Stock Up 1.4 %

SON stock opened at $46.88 on Friday. The firm has a market cap of $4.61 billion, a PE ratio of 28.41, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The firm’s fifty day moving average is $48.12 and its 200 day moving average is $51.03. Sonoco Products has a one year low of $44.35 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly 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). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. On average, research analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be given a $0.52 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.44%. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

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.