SouthState Corp Sells 535 Shares of Sonoco Products (NYSE:SON)

SouthState Corp cut its holdings in Sonoco Products (NYSE:SON) by 30.2% during the 4th quarter, Holdings Channel reports. The fund owned 1,235 shares of the industrial products company’s stock after selling 535 shares during the period. SouthState Corp’s holdings in Sonoco Products were worth $69,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bruce G. Allen Investments LLC purchased a new position in Sonoco Products during the fourth quarter valued at $28,000. Authentikos Wealth Advisory LLC purchased a new stake in Sonoco Products in the 3rd quarter worth approximately $34,000. M&R Capital Management Inc. raised its stake in Sonoco Products by 298.3% during the 4th quarter. M&R Capital Management Inc. now owns 924 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 692 shares during the period. Highlander Capital Management LLC purchased a new position in Sonoco Products during the fourth quarter valued at approximately $56,000. Finally, GPS Wealth Strategies Group LLC purchased a new position in Sonoco Products during the fourth quarter valued at approximately $65,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. TheStreet downgraded shares of Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Citigroup reduced their price target on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Finally, Wells Fargo & Company upped their target price on shares of Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and an average price target of $63.33.

Insider Activity

In other Sonoco Products news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the completion of the sale, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total transaction of $604,065.00. Following the transaction, the insider now owns 13,456 shares in the company, valued at $774,123.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Russell K. Grissett sold 2,039 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the sale, the insider now directly owns 11,988 shares of the company’s stock, valued at approximately $672,047.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,076 shares of company stock valued at $749,002. 0.51% of the stock is currently owned by company insiders.

Sonoco Products Trading Up 2.1 %

Shares of SON stock traded up $1.19 during trading hours on Friday, reaching $56.80. 513,735 shares of the stock were exchanged, compared to its average volume of 409,484. The company has a current ratio of 1.31, a quick ratio of 1.10 and a debt-to-equity ratio of 1.08. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The company’s 50-day moving average price is $56.91 and its 200-day moving average price is $56.02.

Sonoco Products (NYSE:SON) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the firm posted $1.40 earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. As a group, equities analysts anticipate that Sonoco Products will post 5.19 earnings per share for the current year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.66%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is 51.52%.

About Sonoco Products

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.