Sonoco Products (NYSE:SON) Shares Bought by Trust Point Inc.

Trust Point Inc. boosted its stake in shares of Sonoco Products (NYSE:SON) by 70.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 10,003 shares of the industrial products company’s stock after purchasing an additional 4,141 shares during the quarter. Trust Point Inc.’s holdings in Sonoco Products were worth $489,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of Sonoco Products by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after acquiring an additional 42,701 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Sonoco Products by 63.2% during the 4th 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Sonoco Products by 50.4% during 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 in the last quarter. FMR LLC boosted 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 acquiring an additional 230,709 shares in the last quarter. Finally, Private Management Group Inc. purchased a new stake in shares of Sonoco Products during the 3rd quarter worth about $24,994,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of SON stock opened at $48.14 on Thursday. Sonoco Products has a 52 week low of $45.93 and a 52 week high of $61.73. The firm has a 50 day moving average of $49.19 and a two-hundred day moving average of $51.41. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $4.73 billion, a PE ratio of 16.54, a P/E/G ratio of 0.76 and a beta of 0.67.

Wall Street Analysts Forecast Growth

SON has been the topic of several recent analyst reports. Bank of America increased their target price 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. Robert W. Baird decreased their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup decreased their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Truist Financial raised their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company cut their price target on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Insider Transactions at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.51% of the company’s stock.

About Sonoco Products

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.