Edgestream Partners L.P. Boosts Position in Sonoco Products (NYSE:SON)

Edgestream Partners L.P. boosted its position in Sonoco Products (NYSE:SON) by 422.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 153,350 shares of the industrial products company’s stock after purchasing an additional 123,983 shares during the period. Edgestream Partners L.P. owned about 0.16% of Sonoco Products worth $7,491,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after buying an additional 42,701 shares during the last quarter. Nordea Investment Management AB raised its position in Sonoco Products by 63.2% in the fourth 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 during the period. Bank of New York Mellon Corp boosted its stake in shares of Sonoco Products by 0.9% during the 4th quarter. Bank of New York Mellon Corp now owns 1,107,635 shares of the industrial products company’s stock worth $54,108,000 after acquiring an additional 9,899 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Sonoco Products by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,044,620 shares of the industrial products company’s stock valued at $51,030,000 after acquiring an additional 15,454 shares during the period. Finally, Private Management Group Inc. increased its stake in shares of Sonoco Products by 27.7% in the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock worth $28,547,000 after purchasing an additional 126,867 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SON shares. Wells Fargo & Company lowered their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research report on Monday, February 24th. Truist Financial lowered their price objective on Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Citigroup reduced their target price on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Bank of America increased their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $58.50.

Insider Buying and Selling

In other Sonoco Products news, Director John R. Haley acquired 3,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now directly owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by corporate insiders.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $46.93 on Friday. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The stock has a 50 day moving average price of $47.64 and a 200-day moving average price of $50.87. Sonoco Products has a one year low of $44.35 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Equities analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be issued a dividend of $0.52 per share. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.43%. Sonoco Products’s payout ratio is 126.06%.

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.