Nordea Investment Management AB Cuts Stake in Sonoco Products Company $SON

Nordea Investment Management AB cut its stake in Sonoco Products Company (NYSE:SON) by 24.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,061,287 shares of the industrial products company’s stock after selling 652,692 shares during the period. Nordea Investment Management AB’s holdings in Sonoco Products were worth $90,532,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Allworth Financial LP increased its position in Sonoco Products by 70.9% during the third quarter. Allworth Financial LP now owns 2,005 shares of the industrial products company’s stock worth $86,000 after purchasing an additional 832 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Sonoco Products by 5.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock valued at $259,000 after purchasing an additional 304 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Sonoco Products during the 3rd quarter valued at $259,000. Captrust Financial Advisors grew its stake in shares of Sonoco Products by 53.2% during the 3rd quarter. Captrust Financial Advisors now owns 36,380 shares of the industrial products company’s stock valued at $1,568,000 after buying an additional 12,627 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Sonoco Products during the 3rd quarter worth $56,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

NYSE:SON opened at $51.79 on Tuesday. The firm’s fifty day simple moving average is $51.98 and its 200 day simple moving average is $45.96. The company has a current ratio of 1.05, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04. Sonoco Products Company has a twelve month low of $38.65 and a twelve month high of $58.44. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of 5.14, a PEG ratio of 1.02 and a beta of 0.51.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm earned $1.17 EPS. The firm’s quarterly revenue was up 29.7% compared to the same quarter last year. As a group, equities research analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th were paid a $0.53 dividend. The ex-dividend date was Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.1%. Sonoco Products’s dividend payout ratio (DPR) is 21.05%.

Insider Activity at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the sale, the insider directly owned 9,377 shares in the company, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

SON has been the topic of a number of research analyst reports. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Robert W. Baird raised their price objective on Sonoco Products from $48.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, February 18th. Truist Financial reaffirmed a “buy” rating and issued a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Finally, Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $62.13.

Sonoco Products Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.