Magnetar Financial LLC Makes New $394,000 Investment in Sonoco Products (NYSE:SON)

Magnetar Financial LLC bought a new position in Sonoco Products (NYSE:SON) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,063 shares of the industrial products company’s stock, valued at approximately $394,000.

Other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System boosted its stake 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 acquiring an additional 224 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of 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 acquiring an additional 243 shares during the last quarter. Wedmont Private Capital boosted its stake in shares of Sonoco Products by 3.9% during the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock worth $306,000 after acquiring an additional 247 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Sonoco Products by 6.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock worth $230,000 after acquiring an additional 284 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its stake in shares of Sonoco Products by 2.2% during the 4th quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company’s stock worth $688,000 after acquiring an additional 298 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO R. Howard Coker acquired 20,000 shares of the stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John R. Haley acquired 3,000 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $46.76 per share, with a total value of $140,280.00. Following the completion of the transaction, the director now owns 18,558 shares in the company, valued at $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. 0.51% of the stock is owned by corporate insiders.

Sonoco Products Price Performance

SON stock opened at $46.69 on Friday. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73. 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 company has a 50-day moving average price of $47.36 and a 200 day moving average price of $50.29. The stock has a market cap of $4.60 billion, a PE ratio of 28.30, a P/E/G ratio of 0.76 and a beta of 0.61.

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 return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Equities research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 4.46%. Sonoco Products’s dividend payout ratio is presently 126.06%.

Wall Street Analysts Forecast Growth

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

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.