Sonoco Products (NYSE:SON) Stock Position Decreased by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its holdings in Sonoco Products (NYSE:SON) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,182 shares of the industrial products company’s stock after selling 5,010 shares during the period. Corebridge Financial Inc.’s holdings in Sonoco Products were worth $5,431,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Arizona State Retirement System raised its position in shares of Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock worth $1,393,000 after purchasing an additional 224 shares during the period. IFP Advisors Inc grew its stake in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company’s stock worth $346,000 after buying an additional 243 shares during the last quarter. Wedmont Private Capital increased its position in Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock worth $306,000 after buying an additional 247 shares during the period. Pallas Capital Advisors LLC lifted its stake in Sonoco Products by 6.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock valued at $230,000 after buying an additional 284 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in shares of Sonoco Products by 2.2% during the fourth quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company’s stock valued at $688,000 after acquiring an additional 298 shares during the period. Institutional investors own 77.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on SON shares. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Truist Financial decreased their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Bank of America lifted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Citigroup decreased their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Wells Fargo & Company lowered their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and a consensus price target of $58.50.

Sonoco Products Trading Down 0.4 %

Shares of NYSE:SON opened at $46.70 on Friday. The company has a 50 day moving average of $47.32 and a 200-day moving average of $50.02. 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 firm has a market cap of $4.61 billion, a P/E ratio of 28.30, a P/E/G ratio of 0.76 and a beta of 0.61. Sonoco Products has a twelve month low of $44.36 and a twelve month high of $61.73.

Sonoco Products (NYSE:SON) last released its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. As a group, analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were paid a dividend of $0.52 per share. The ex-dividend date was Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.45%. Sonoco Products’s dividend payout ratio is currently 126.06%.

Insider Buying and Selling

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction 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 position. The disclosure for this sale can be found here. 0.74% of the stock is owned by corporate insiders.

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.