Sonoco Products (NYSE:SON) Stock Position Raised by Fifth Third Bancorp

Fifth Third Bancorp raised its position in shares of Sonoco Products (NYSE:SONFree Report) by 6.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,966 shares of the industrial products company’s stock after purchasing an additional 2,429 shares during the period. Fifth Third Bancorp’s holdings in Sonoco Products were worth $2,121,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Sonoco Products during the 4th quarter worth about $28,000. Point72 Asset Management L.P. bought a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $34,000. Authentikos Wealth Advisory LLC bought a new position in shares of Sonoco Products in the 3rd quarter valued at approximately $34,000. ST Germain D J Co. Inc. bought a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $40,000. Finally, Dark Forest Capital Management LP bought a new position in shares of Sonoco Products in the 1st quarter valued at approximately $50,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $56.95 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. The business’s 50 day moving average is $56.99 and its two-hundred day moving average is $55.61. The company has a market cap of $5.59 billion, a P/E ratio of 11.86, a P/E/G ratio of 2.19 and a beta of 0.68. Sonoco Products has a 12 month low of $49.98 and a 12 month high of $63.74.

Sonoco Products (NYSE:SONGet Free Report) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.27 earnings per share. On average, equities analysts expect that Sonoco Products will post 5.26 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Wednesday, February 28th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Tuesday, February 27th. Sonoco Products’s dividend payout ratio is currently 42.50%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SON shares. Wells Fargo & Company cut their price objective on Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 20th. TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Get Our Latest Stock Report on Sonoco Products

Insiders Place Their Bets

In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of Sonoco Products stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total transaction of $604,065.00. Following the sale, the insider now owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Russell K. Grissett sold 2,039 shares of Sonoco Products stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the sale, the insider now owns 11,988 shares of the company’s stock, valued at approximately $672,047.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of Sonoco Products stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total value of $604,065.00. Following the sale, the insider now directly owns 13,456 shares in the company, valued at approximately $774,123.68. The disclosure for this sale can be found here. Insiders have sold a total of 13,076 shares of company stock valued at $749,002 in the last three months. Company insiders own 0.51% of the company’s stock.

Sonoco Products Profile

(Free Report)

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.

See Also

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

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