AlphaQuest LLC Sells 32,598 Shares of Sonoco Products (NYSE:SON)

AlphaQuest LLC cut its holdings in Sonoco Products (NYSE:SON) by 56.7% in the fourth quarter, HoldingsChannel reports. The firm owned 24,869 shares of the industrial products company’s stock after selling 32,598 shares during the period. AlphaQuest LLC’s holdings in Sonoco Products were worth $1,215,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Amundi boosted its holdings in Sonoco Products by 154.9% during the fourth quarter. Amundi now owns 182,330 shares of the industrial products company’s stock valued at $8,619,000 after acquiring an additional 110,810 shares during the period. Edgestream Partners L.P. boosted its holdings in Sonoco Products by 422.2% during the fourth quarter. Edgestream Partners L.P. now owns 153,350 shares of the industrial products company’s stock valued at $7,491,000 after acquiring an additional 123,983 shares during the period. Raymond James Financial Inc. bought a new stake in Sonoco Products during the fourth quarter valued at about $6,012,000. Arizona State Retirement System boosted its holdings in Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock valued at $1,393,000 after acquiring an additional 224 shares during the period. Finally, M&T Bank Corp boosted its holdings in Sonoco Products by 4.4% during the fourth quarter. M&T Bank Corp now owns 46,662 shares of the industrial products company’s stock valued at $2,280,000 after acquiring an additional 1,963 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the purchase, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred on 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 transaction, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.

Sonoco Products Stock Performance

NYSE:SON opened at $47.80 on Monday. The firm has a market capitalization of $4.70 billion, a PE ratio of 28.97, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 12-month low of $44.35 and a 12-month high of $61.73. The firm has a 50-day moving average price of $47.57 and a 200 day moving average price of $50.82.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio is 126.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SON shares. Bank of America upped their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Truist Financial reduced their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Citigroup reduced their target price on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company reduced 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $58.50.

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.