Salomon & Ludwin LLC Sells 1,828 Shares of Sonoco Products (NYSE:SON)

Salomon & Ludwin LLC trimmed its holdings in Sonoco Products (NYSE:SON) by 23.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,122 shares of the industrial products company’s stock after selling 1,828 shares during the quarter. Salomon & Ludwin LLC’s holdings in Sonoco Products were worth $299,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Private Management Group Inc. raised its holdings in shares of Sonoco Products by 27.7% in the fourth quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock valued at $28,547,000 after buying an additional 126,867 shares during the last quarter. Quilter Plc raised its holdings in Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock worth $14,615,000 after purchasing an additional 8,895 shares during the last quarter. Synergy Asset Management LLC raised its holdings in Sonoco Products by 9.0% during the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock worth $3,610,000 after purchasing an additional 5,505 shares during the last quarter. Jane Street Group LLC raised its holdings in Sonoco Products by 312.1% during 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 last quarter. Finally, Nordea Investment Management AB raised its holdings in 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 purchasing an additional 437,128 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.51% of the company’s stock.

Sonoco Products Price Performance

Shares of SON opened at $47.79 on Friday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The stock has a 50 day simple moving average of $48.61 and a 200 day simple moving average of $51.20. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73. The firm has a market capitalization of $4.70 billion, a PE ratio of 16.42, a P/E/G ratio of 0.76 and a beta of 0.67.

Sonoco Products Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on SON. Truist Financial boosted their price objective on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company dropped their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Robert W. Baird decreased their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Citigroup decreased their target price 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. Finally, 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $60.17.

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.