DAVENPORT & Co LLC Increases Stock Holdings in Sonoco Products Company $SON

DAVENPORT & Co LLC boosted its stake in Sonoco Products Company (NYSE:SON) by 202.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,053 shares of the industrial products company’s stock after acquiring an additional 20,771 shares during the quarter. DAVENPORT & Co LLC’s holdings in Sonoco Products were worth $1,355,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC purchased a new stake in shares of Sonoco Products during the third quarter valued at approximately $29,000. True Wealth Design LLC lifted its position in shares of Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 471 shares in the last quarter. Ameriflex Group Inc. boosted its stake in shares of Sonoco Products by 1,263.6% in the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 834 shares during the period. Larson Financial Group LLC boosted its stake in shares of Sonoco Products by 1,826.9% in the third quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 950 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Sonoco Products during the 3rd quarter valued at $56,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Up 0.2%

Shares of NYSE:SON opened at $53.31 on Monday. The firm has a market cap of $5.27 billion, a PE ratio of 5.29, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. The company has a fifty day simple moving average of $52.34 and a 200 day simple moving average of $46.16. The company has a current ratio of 1.05, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $58.44.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.76 billion. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The firm’s revenue was up 29.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. On average, equities research analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $2.12 annualized dividend and a dividend yield of 4.0%. Sonoco Products’s dividend payout ratio (DPR) is presently 21.05%.

Insider Buying and Selling

In related news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the transaction, the insider directly owned 9,377 shares in the company, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Citigroup raised their target price on Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Truist Financial reaffirmed a “buy” rating and set a $69.00 target price (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. Zacks Research upgraded Sonoco Products from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, UBS Group increased their price target on Sonoco Products from $48.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, February 19th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $62.13.

Sonoco Products Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.