Quantbot Technologies LP Purchases 9,339 Shares of Sonoco Products (NYSE:SON)

Quantbot Technologies LP grew its position in Sonoco Products (NYSE:SON) by 460.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,366 shares of the industrial products company’s stock after purchasing an additional 9,339 shares during the quarter. Quantbot Technologies LP’s holdings in Sonoco Products were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SON. Charles Schwab Investment Management Inc. boosted its holdings in Sonoco Products by 50.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock worth $56,223,000 after buying an additional 344,658 shares during the period. Cerity Partners LLC lifted its position in shares of Sonoco Products by 17.3% in the third quarter. Cerity Partners LLC now owns 24,042 shares of the industrial products company’s stock valued at $1,313,000 after acquiring an additional 3,547 shares in the last quarter. Independent Advisor Alliance bought a new position in shares of Sonoco Products in the third quarter worth about $365,000. FMR LLC grew its position in shares of 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 purchasing an additional 230,709 shares in the last quarter. Finally, Bridgewater Associates LP raised its stake in Sonoco Products by 63.7% during the 3rd quarter. Bridgewater Associates LP now owns 39,283 shares of the industrial products company’s stock valued at $2,146,000 after purchasing an additional 15,281 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on SON shares. Truist Financial cut their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wells Fargo & Company cut their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research note on Monday, February 24th. Bank of America boosted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, StockNews.com upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $58.50.

Insider Transactions at Sonoco Products

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the purchase, the director now owns 18,558 shares of the company’s stock, valued at approximately $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, CEO R. Howard Coker acquired 20,000 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the transaction, the chief executive officer now directly owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.51% of the company’s stock.

Sonoco Products Stock Down 0.5 %

Shares of NYSE SON opened at $46.89 on Friday. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 0.76 and a beta of 0.61. Sonoco Products has a 12-month low of $44.36 and a 12-month high of $61.73. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm’s 50-day moving average price is $47.34 and its 200-day moving average price is $50.10.

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

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products’s dividend payout ratio is currently 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.