Sonoco Products (NYSE:SON) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. lowered its position in Sonoco Products (NYSE:SON) by 15.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 9,157 shares of the industrial products company’s stock after selling 1,699 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Sonoco Products were worth $447,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SON. HighTower Advisors LLC raised its stake in shares of Sonoco Products by 13.1% during the 4th quarter. HighTower Advisors LLC now owns 17,082 shares of the industrial products company’s stock worth $834,000 after buying an additional 1,979 shares in the last quarter. AGF Management Ltd. acquired a new position in Sonoco Products during the fourth quarter worth $2,447,000. Amundi raised its position in Sonoco Products by 154.9% in the fourth quarter. Amundi now owns 182,330 shares of the industrial products company’s stock worth $8,619,000 after acquiring an additional 110,810 shares in the last quarter. Edgestream Partners L.P. lifted its holdings in Sonoco Products by 422.2% in the fourth quarter. Edgestream Partners L.P. now owns 153,350 shares of the industrial products company’s stock valued at $7,491,000 after acquiring an additional 123,983 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Sonoco Products during the 4th quarter worth $6,012,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director John R. Haley purchased 3,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price 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 of the company’s stock, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO R. Howard Coker purchased 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33 % 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.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial reduced their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup dropped 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. Bank of America boosted their target price 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, Wells Fargo & Company dropped their price target on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.50.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $46.69 on Monday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The business’s fifty day moving average price is $47.36 and its two-hundred day moving average price is $50.26. The stock has a market cap of $4.60 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. Sonoco Products has a one year low of $44.36 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data 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 company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. On average, analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were given 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 yield of 4.46%. Sonoco Products’s dividend payout ratio (DPR) is currently 126.06%.

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.