Private Management Group Inc. Purchases 126,867 Shares of Sonoco Products (NYSE:SON)

Private Management Group Inc. lifted its position in Sonoco Products (NYSE:SON) by 27.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 584,390 shares of the industrial products company’s stock after buying an additional 126,867 shares during the period. Private Management Group Inc.’s holdings in Sonoco Products were worth $28,547,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SON. Kennebec Savings Bank acquired a new position in Sonoco Products in the third quarter valued at about $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products during the 3rd quarter valued at about $33,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Sonoco Products in the 3rd quarter valued at approximately $71,000. Albion Financial Group UT bought a new stake in Sonoco Products during the 4th quarter worth approximately $84,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after buying an additional 1,675 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SON. Citigroup reduced their price target 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 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 research note on Monday, January 6th. Truist Financial lifted their price target on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Bank of America upped their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Robert W. Baird dropped their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $60.17.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now directly owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.51% of the company’s stock.

Sonoco Products Price Performance

Shares of NYSE SON opened at $48.14 on Thursday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The business has a 50-day moving average of $49.19 and a 200-day moving average of $51.41. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 0.76 and a beta of 0.67. Sonoco Products has a fifty-two week low of $45.93 and a fifty-two week high of $61.73.

Sonoco Products 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.