GAMMA Investing LLC Acquires Shares of 2,338 Sonoco Products (NYSE:SON)

GAMMA Investing LLC acquired a new stake in Sonoco Products (NYSE:SON) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,338 shares of the industrial products company’s stock, valued at approximately $133,000.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Sonoco Products by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock worth $596,205,000 after purchasing an additional 64,047 shares during the period. Foundry Partners LLC lifted its position in Sonoco Products by 36.6% during the third quarter. Foundry Partners LLC now owns 72,266 shares of the industrial products company’s stock valued at $3,928,000 after acquiring an additional 19,354 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Sonoco Products during the third quarter valued at approximately $624,000. Financial Engines Advisors L.L.C. lifted its position in Sonoco Products by 84.8% during the third quarter. Financial Engines Advisors L.L.C. now owns 27,600 shares of the industrial products company’s stock valued at $1,500,000 after acquiring an additional 12,661 shares during the last quarter. Finally, Kestra Advisory Services LLC lifted its position in Sonoco Products by 14.3% during the third quarter. Kestra Advisory Services LLC now owns 32,499 shares of the industrial products company’s stock valued at $1,766,000 after acquiring an additional 4,058 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sonoco Products

In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the sale, the insider now owns 13,456 shares in the company, valued at $774,123.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the sale, the insider now owns 13,456 shares in the company, valued at $774,123.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction 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 completion of the sale, the insider now owns 11,988 shares in the company, valued at approximately $672,047.28. The disclosure for this sale can be found here. Insiders have sold 13,076 shares of company stock worth $749,002 over the last 90 days. 0.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup decreased their target price on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 20th. Finally, TheStreet cut shares of Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Sonoco Products Trading Up 0.6 %

Shares of Sonoco Products stock opened at $56.51 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.10 and a debt-to-equity ratio of 1.25. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The firm has a market capitalization of $5.55 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 2.17 and a beta of 0.68. The firm’s 50 day simple moving average is $56.93 and its two-hundred day simple moving average is $55.93.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the company posted $1.27 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts predict that Sonoco Products will post 5.21 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.68%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s dividend payout ratio is presently 42.50%.

Sonoco Products 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.