Alaska Permanent Fund Corp Trims Stake in Sonoco Products (NYSE:SON)

Alaska Permanent Fund Corp decreased its holdings in Sonoco Products (NYSE:SON) by 47.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,395 shares of the industrial products company’s stock after selling 28,081 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Sonoco Products were worth $1,754,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC purchased a new position in shares of Sonoco Products during the 4th quarter valued at about $28,000. Authentikos Wealth Advisory LLC acquired a new stake in Sonoco Products in the 3rd quarter worth about $34,000. M&R Capital Management Inc. boosted its holdings in Sonoco Products by 298.3% in the 4th quarter. M&R Capital Management Inc. now owns 924 shares of the industrial products company’s stock worth $52,000 after buying an additional 692 shares during the last quarter. Highlander Capital Management LLC acquired a new stake in Sonoco Products in the 4th quarter worth about $56,000. Finally, Global Retirement Partners LLC grew its position in shares of Sonoco Products by 40.8% in the third quarter. Global Retirement Partners LLC now owns 1,119 shares of the industrial products company’s stock valued at $60,000 after purchasing an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insider Buying and Selling

In related news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the transaction, the vice president now owns 28,273 shares of the company’s stock, valued at $1,612,691.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Sonoco Products news, VP Adam Wood sold 537 shares of Sonoco Products stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total value of $30,630.48. Following the sale, the vice president now owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of Sonoco Products stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total value of $114,306.34. Following the completion of the sale, the insider now directly owns 11,988 shares in the company, valued at approximately $672,047.28. The disclosure for this sale can be found here. Insiders have sold a total of 13,076 shares of company stock valued at $749,002 over the last quarter. 0.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on SON shares. Citigroup lowered their price objective on Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. TheStreet cut Sonoco Products from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Finally, Wells Fargo & Company reduced their price objective on Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Sonoco Products Stock Performance

Shares of SON stock opened at $56.13 on Friday. The stock’s 50-day moving average is $56.92 and its two-hundred day moving average is $55.90. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 2.17 and a beta of 0.68. Sonoco Products has a 1 year low of $49.98 and a 1 year high of $63.74. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 EPS. Analysts predict that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 3.71%. Sonoco Products’s dividend payout ratio (DPR) is presently 42.50%.

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.