Oppenheimer Asset Management Inc. Decreases Stock Holdings in Sonoco Products (NYSE:SON)

Oppenheimer Asset Management Inc. cut its holdings in Sonoco Products (NYSE:SON) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,182 shares of the industrial products company’s stock after selling 1,145 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sonoco Products were worth $1,328,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Private Management Group Inc. grew its stake in shares of 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 worth $28,547,000 after buying an additional 126,867 shares in the last quarter. Quilter Plc grew its position in Sonoco Products by 3.1% in the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock worth $14,615,000 after acquiring an additional 8,895 shares in the last quarter. Synergy Asset Management LLC raised its position in Sonoco Products by 9.0% during the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock valued at $3,610,000 after purchasing an additional 5,505 shares during the period. ING Groep NV lifted its stake in shares of Sonoco Products by 579.8% in the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company’s stock valued at $7,073,000 after purchasing an additional 123,500 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 1.1 %

Shares of NYSE SON opened at $47.29 on Tuesday. The stock has a 50 day moving average price of $47.77 and a 200 day moving average price of $50.94. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 0.76 and a beta of 0.67. Sonoco Products has a 52-week low of $44.35 and a 52-week high of $61.73. 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 (NYSE:SON) last posted its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Sell-side analysts expect that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be issued a $0.52 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products’s dividend payout ratio is currently 126.06%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Truist Financial lowered their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Bank of America lifted 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. StockNews.com downgraded shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Wells Fargo & Company cut their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, February 24th. Finally, Citigroup decreased their price target 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 issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and an average target price of $58.50.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Haley purchased 3,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were purchased 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 of the company’s stock, valued at approximately $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.51% of the company’s stock.

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.