Sonoco Products (NYSE:SON) Sees Significant Increase in Short Interest

Sonoco Products (NYSE:SON) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 2,680,000 shares, a growth of 18.1% from the January 15th total of 2,270,000 shares. Based on an average daily trading volume, of 696,700 shares, the days-to-cover ratio is presently 3.8 days. Approximately 2.8% of the shares of the company are short sold.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SON shares. Truist Financial increased their price target on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Citigroup reduced their price target 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. Robert W. Baird dropped their price objective 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. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Finally, Bank of America lifted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. One 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. According to data from MarketBeat, Sonoco Products currently has an average rating of “Moderate Buy” and an average price target of $60.17.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were 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 directly owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System grew its holdings in shares of Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock worth $1,393,000 after purchasing an additional 224 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company’s stock worth $346,000 after acquiring an additional 243 shares during the period. Wedmont Private Capital raised its position in Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock worth $306,000 after purchasing an additional 247 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Sonoco Products by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company’s stock valued at $2,103,000 after buying an additional 270 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Sonoco Products by 6.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock valued at $230,000 after purchasing an additional 284 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded down $0.41 during mid-day trading on Monday, reaching $47.79. 596,953 shares of the stock traded hands, compared to its average volume of 684,358. The stock has a market capitalization of $4.70 billion, a PE ratio of 16.42, a PEG ratio of 0.76 and a beta of 0.67. The business has a 50-day moving average of $48.61 and a 200 day moving average of $51.17. Sonoco Products has a fifty-two week low of $45.93 and a fifty-two week high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products Announces Dividend

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

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.