Valley Wealth Managers Inc. Trims Stock Position in Sonoco Products (NYSE:SON)

Valley Wealth Managers Inc. decreased its stake in shares of Sonoco Products (NYSE:SON) by 14.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,285 shares of the industrial products company’s stock after selling 10,841 shares during the period. Valley Wealth Managers Inc. owned 0.06% of Sonoco Products worth $3,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after purchasing an additional 42,701 shares in the last quarter. Nordea Investment Management AB boosted its position in Sonoco Products by 63.2% during the fourth quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock worth $55,181,000 after acquiring an additional 437,128 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Sonoco Products by 50.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock worth $56,223,000 after acquiring an additional 344,658 shares during the period. Private Management Group Inc. raised its holdings in Sonoco Products by 27.7% in the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock valued at $28,547,000 after acquiring an additional 126,867 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Sonoco Products by 70.1% during the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock worth $30,571,000 after purchasing an additional 230,709 shares during the period. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SON. Citigroup lowered their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Wells Fargo & Company dropped their price objective 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. Robert W. Baird decreased their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Truist Financial boosted their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Bank of America increased their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is currently owned by corporate insiders.

Sonoco Products Price Performance

SON opened at $47.79 on Tuesday. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73. The company has a 50 day moving average of $48.52 and a two-hundred day moving average of $51.13. The company has a market cap of $4.70 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.35%. Sonoco Products’s dividend payout ratio is currently 71.48%.

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.