Meadow Creek Wealth Advisors LLC Purchases New Stake in Sonoco Products (NYSE:SON)

Meadow Creek Wealth Advisors LLC acquired a new position in shares of Sonoco Products (NYSE:SON) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 238,936 shares of the industrial products company’s stock, valued at approximately $11,672,000. Sonoco Products accounts for 8.4% of Meadow Creek Wealth Advisors LLC’s investment portfolio, making the stock its biggest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Management Group Inc. acquired a new stake in Sonoco Products during the third quarter worth about $24,994,000. Nordea Investment Management AB boosted its stake 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 valued at $55,181,000 after buying an additional 437,128 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Sonoco Products by 50.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock valued at $56,223,000 after acquiring an additional 344,658 shares during the last quarter. FMR LLC raised its stake in Sonoco Products by 70.1% during the third quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock worth $30,571,000 after acquiring an additional 230,709 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new position in shares of Sonoco Products in the third quarter worth about $9,935,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SON shares. Bank of America upped their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Citigroup dropped their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Robert W. Baird cut their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Wells Fargo & Company cut their price target on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research note on Monday, January 6th. Finally, Truist Financial upped their price objective on Sonoco Products from $63.00 to $68.00 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, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Price Performance

Shares of SON opened at $48.14 on Thursday. The business has a 50-day moving average of $49.19 and a 200-day moving average of $51.41. Sonoco Products has a 1 year low of $45.93 and a 1 year high of $61.73. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91.

Insiders Place Their Bets

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the transaction, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.51% of the company’s stock.

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.