First Trust Advisors LP Sells 9,378 Shares of Sonoco Products (NYSE:SON)

First Trust Advisors LP lessened its holdings in Sonoco Products (NYSE:SON) by 0.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,449,876 shares of the industrial products company’s stock after selling 9,378 shares during the period. First Trust Advisors LP owned 1.48% of Sonoco Products worth $70,826,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Securities Inc. raised its holdings 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 valued at $66,000 after acquiring an additional 351 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Sonoco Products during the 3rd quarter worth approximately $71,000. Albion Financial Group UT acquired a new position in Sonoco Products in the 4th quarter valued at $84,000. SRS Capital Advisors Inc. increased its position in Sonoco Products by 311.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock worth $84,000 after buying an additional 1,297 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Sonoco Products by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company’s stock valued at $154,000 after acquiring an additional 798 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $43.46 on Tuesday. The firm has a 50 day simple moving average of $45.84 and a 200 day simple moving average of $48.69. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 0.76 and a beta of 0.64. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data 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 for 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%. Research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $0.53 dividend. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.88%. The ex-dividend date is Friday, May 9th. Sonoco Products’s dividend payout ratio is 128.48%.

Insider Transactions at Sonoco Products

In other news, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now owns 482,365 shares of the company’s stock, valued at $22,237,026.50. This trade represents a 4.33 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Haley acquired 3,000 shares of Sonoco Products stock in a transaction dated Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. 0.74% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SON. Citigroup cut their price objective 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. Wells Fargo & Company lowered their price objective on 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 Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. 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 research report on Monday, January 6th. Finally, Truist Financial cut their price target on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.