Sonora Investment Management Group LLC Sells 7,245 Shares of Sonoco Products (NYSE:SON)

Sonora Investment Management Group LLC lessened its holdings in shares of Sonoco Products (NYSE:SON) by 12.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 50,214 shares of the industrial products company’s stock after selling 7,245 shares during the period. Sonora Investment Management Group LLC owned approximately 0.05% of Sonoco Products worth $2,453,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SON. Geode Capital Management LLC lifted its position in Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after purchasing an additional 42,701 shares during the period. Nordea Investment Management AB raised its position 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 worth $55,181,000 after purchasing an additional 437,128 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of 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 in the last quarter. FMR LLC boosted its stake in shares of Sonoco Products by 70.1% in the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock valued at $30,571,000 after purchasing an additional 230,709 shares in the last quarter. Finally, Private Management Group Inc. acquired a new stake in shares of Sonoco Products during the third quarter worth approximately $24,994,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

SON has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Citigroup decreased their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Bank of America lifted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Truist Financial raised their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Sonoco Products Price Performance

NYSE:SON opened at $48.29 on Friday. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73. The company has a market cap of $4.74 billion, a P/E ratio of 16.59, a P/E/G ratio of 0.77 and a beta of 0.68. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The stock’s 50-day simple moving average is $49.48 and its 200 day simple moving average is $51.52.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. As a group, sell-side analysts forecast that Sonoco Products will post 5.08 EPS for the current fiscal year.

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.