Insider Buying: Sonoco Products (NYSE:SON) Director Acquires $140,280.00 in Stock

Sonoco Products (NYSE:SON) Director John R. Haley purchased 3,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares in the company, valued at $867,772.08. This represents a 19.28 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Sonoco Products Trading Up 2.8 %

NYSE SON opened at $47.82 on Friday. The business’s 50-day moving average price is $47.81 and its two-hundred day moving average price is $50.95. Sonoco Products has a 12 month low of $44.35 and a 12 month high of $61.73. The firm has a market capitalization of $4.70 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

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 analysts’ consensus estimates of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. On average, analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders 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 dividend on an annualized basis and a dividend yield of 4.35%. Sonoco Products’s dividend payout ratio (DPR) is presently 126.06%.

Institutional Investors Weigh In On Sonoco Products

A number of institutional investors have recently made changes to their positions in SON. Cooper Creek Partners Management LLC bought a new stake in shares of Sonoco Products in the 4th quarter valued at about $78,203,000. Norges Bank bought a new stake in shares of Sonoco Products during the 4th quarter valued at about $60,984,000. Invenomic Capital Management LP boosted its position in shares of Sonoco Products by 368.6% during the 4th quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company’s stock valued at $32,555,000 after purchasing an additional 524,198 shares in the last quarter. Private Management Group Inc. bought a new stake in shares of Sonoco Products during the 3rd quarter valued at about $24,994,000. Finally, Deprince Race & Zollo Inc. boosted its position in shares of Sonoco Products by 53.4% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company’s stock valued at $62,143,000 after purchasing an additional 442,892 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

SON has been the subject of a number of research analyst reports. Truist Financial lowered their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. Robert W. Baird lowered their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Bank of America upped their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Finally, Citigroup lowered their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a 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 given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average 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.