Zurcher Kantonalbank Zurich Cantonalbank Trims Stake in Sonoco Products (NYSE:SON)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Sonoco Products (NYSE:SON) by 2.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 19,318 shares of the industrial products company’s stock after selling 447 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sonoco Products were worth $944,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Securities Inc. lifted its holdings in shares of 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 purchasing an additional 351 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sonoco Products in the 3rd quarter valued at about $71,000. Albion Financial Group UT purchased a new stake in shares of Sonoco Products in the 4th quarter valued at about $84,000. SRS Capital Advisors Inc. lifted its holdings in shares of Sonoco Products by 311.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 1,297 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Sonoco Products in the 3rd quarter valued at about $111,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $47.86 on Friday. The business’s fifty day moving average price is $47.35 and its two-hundred day moving average price is $50.40. The stock has a market cap of $4.72 billion, a PE ratio of 29.01, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. Sonoco Products has a one year low of $44.36 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last announced its 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 for the quarter, compared to analyst estimates of $1.67 billion. On average, analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

Analyst Ratings Changes

SON has been the subject of several analyst reports. Bank of America upped their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial reduced their price objective on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company reduced their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research note on Monday, February 24th. Finally, Citigroup reduced their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. 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 company’s stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of “Hold” and a consensus price target of $58.50.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 3,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 18,558 shares of the company’s stock, valued at $867,772.08. This represents a 19.28 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.51% of the company’s stock.

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.