Sonoco Products (NYSE:SON) Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP lifted its holdings in shares of Sonoco Products (NYSE:SON) by 368.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 666,430 shares of the industrial products company’s stock after purchasing an additional 524,198 shares during the period. Sonoco Products accounts for about 1.5% of Invenomic Capital Management LP’s portfolio, making the stock its 9th largest position. Invenomic Capital Management LP’s holdings in Sonoco Products were worth $32,555,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Quarry LP increased its position in Sonoco Products by 111.3% in the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 511 shares in the last quarter. Colonial Trust Co SC raised its position in Sonoco Products by 90.6% in the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 453 shares during the last quarter. Principal Securities Inc. lifted its holdings in Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after buying an additional 351 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products in the 3rd quarter valued at $71,000. Finally, Albion Financial Group UT bought a new stake in shares of Sonoco Products during the fourth quarter worth $84,000. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $44.38 on Friday. The stock’s fifty day simple moving average is $45.21 and its 200 day simple moving average is $47.89. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The company has a market capitalization of $4.38 billion, a PE ratio of 26.90, a PEG ratio of 0.76 and a beta of 0.68. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the firm earned $1.12 EPS. The company’s revenue for the quarter was up 30.6% on a year-over-year basis. On average, research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a $0.53 dividend. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products’s payout ratio is currently 137.66%.

Analyst Upgrades and Downgrades

SON has been the subject of several recent research reports. Jefferies Financial Group assumed coverage on Sonoco Products in a report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price objective for the company. Raymond James reduced their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Truist Financial dropped their target price on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. StockNews.com upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Sonoco Products currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Insiders Place Their Bets

In other news, Director John R. Haley bought 3,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO R. Howard Coker acquired 20,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was acquired at an average price of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 502,365 shares of the company’s stock, valued at $20,682,367.05. The trade was a 4.15 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 50,721 shares of company stock worth $2,206,646. Corporate insiders own 0.74% 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.