Meritage Portfolio Management Grows Stock Holdings in Sonoco Products (NYSE:SON)

Meritage Portfolio Management boosted its stake in shares of Sonoco Products (NYSE:SON) by 45.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,202 shares of the industrial products company’s stock after buying an additional 17,913 shares during the period. Meritage Portfolio Management’s holdings in Sonoco Products were worth $3,196,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Johnson Investment Counsel Inc. increased its position in shares of Sonoco Products by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 31,339 shares of the industrial products company’s stock valued at $1,703,000 after acquiring an additional 200 shares during the last quarter. Curbstone Financial Management Corp boosted its position in shares of Sonoco Products by 0.7% during the 4th quarter. Curbstone Financial Management Corp now owns 27,550 shares of the industrial products company’s stock worth $1,539,000 after purchasing an additional 200 shares during the period. Treasurer of the State of North Carolina increased its holdings in Sonoco Products by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 42,937 shares of the industrial products company’s stock valued at $2,334,000 after purchasing an additional 220 shares during the last quarter. Equitable Trust Co. raised its position in Sonoco Products by 1.5% in the fourth quarter. Equitable Trust Co. now owns 18,688 shares of the industrial products company’s stock valued at $1,044,000 after purchasing an additional 272 shares during the period. Finally, Pinnacle Financial Partners Inc lifted its stake in Sonoco Products by 2.2% during the third quarter. Pinnacle Financial Partners Inc now owns 14,189 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 300 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Sonoco Products Stock Down 0.8 %

NYSE SON traded down $0.43 during trading hours on Thursday, hitting $56.18. 263,405 shares of the company were exchanged, compared to its average volume of 431,241. The company has a 50 day moving average of $56.94 and a two-hundred day moving average of $55.90. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 2.15 and a beta of 0.68. Sonoco Products has a 52-week low of $49.98 and a 52-week high of $63.74.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business earned $1.27 EPS. The firm’s revenue was down 2.4% compared to the same quarter last year. Equities research analysts anticipate 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. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s payout ratio is 42.50%.

Analyst Upgrades and Downgrades

SON has been the subject of several research reports. TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Citigroup lowered their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, Wells Fargo & Company cut their target price on shares of 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 investment 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 stock has a consensus rating of “Moderate Buy” and an average target price of $63.00.

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.