Allspring Global Investments Holdings LLC Acquires 3,733 Shares of Sonoco Products (NYSE:SON)

Allspring Global Investments Holdings LLC raised its holdings in Sonoco Products (NYSE:SONGet Rating) by 222.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,408 shares of the industrial products company’s stock after buying an additional 3,733 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Sonoco Products were worth $306,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sugarloaf Wealth Management LLC bought a new stake in Sonoco Products in the 3rd quarter valued at $39,000. Private Trust Co. NA increased its holdings in Sonoco Products by 66.8% in the 3rd quarter. Private Trust Co. NA now owns 684 shares of the industrial products company’s stock valued at $39,000 after buying an additional 274 shares during the period. SeaCrest Wealth Management LLC bought a new stake in Sonoco Products in the 2nd quarter valued at $46,000. Venture Visionary Partners LLC bought a new stake in Sonoco Products in the 2nd quarter valued at $49,000. Finally, Carolinas Wealth Consulting LLC increased its holdings in Sonoco Products by 3,348.6% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 20,726 shares of the industrial products company’s stock valued at $55,000 after buying an additional 20,125 shares during the period. Institutional investors own 76.43% of the company’s stock.

Sonoco Products Stock Up 0.1 %

Shares of NYSE SON opened at $59.92 on Wednesday. The firm’s 50-day simple moving average is $60.29 and its 200 day simple moving average is $60.80. The company has a market cap of $5.84 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 2.03 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 1.41. Sonoco Products has a 12-month low of $51.52 and a 12-month high of $67.06.

Sonoco Products (NYSE:SONGet Rating) last issued its quarterly earnings results on Monday, October 31st. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.17. Sonoco Products had a net margin of 6.19% and a return on equity of 31.56%. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. On average, research analysts expect that Sonoco Products will post 6.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 652 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $58.60, for a total transaction of $38,207.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SON shares. StockNews.com raised shares of Sonoco Products from a “hold” rating to a “buy” rating in a report on Friday, December 30th. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $67.00 to $64.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 2nd. Bank of America raised shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Thursday, October 13th. Citigroup upped their target price on shares of Sonoco Products from $70.00 to $71.00 in a report on Wednesday, January 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Sonoco Products from $65.00 to $61.00 in a report on Wednesday, November 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and an average target price of $66.00.

Sonoco Products Profile

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Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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