Wedge Capital Management L L P NC Decreases Stock Position in Sonoco Products (NYSE:SON)

Wedge Capital Management L L P NC lessened its position in shares of Sonoco Products (NYSE:SON) by 1.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,095 shares of the industrial products company’s stock after selling 1,901 shares during the period. Wedge Capital Management L L P NC owned 0.13% of Sonoco Products worth $6,404,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steph & Co. purchased a new stake in Sonoco Products during the fourth quarter valued at about $263,000. Park Avenue Securities LLC lifted its stake in shares of Sonoco Products by 2.2% during the 4th quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company’s stock valued at $688,000 after buying an additional 298 shares in the last quarter. Code Waechter LLC boosted its holdings in Sonoco Products by 16.8% in the 4th quarter. Code Waechter LLC now owns 9,415 shares of the industrial products company’s stock worth $460,000 after buying an additional 1,354 shares during the period. Pallas Capital Advisors LLC grew its stake in Sonoco Products by 6.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock valued at $230,000 after buying an additional 284 shares in the last quarter. Finally, Elevated Capital Advisors LLC raised its holdings in Sonoco Products by 9.1% during the 4th quarter. Elevated Capital Advisors LLC now owns 11,806 shares of the industrial products company’s stock valued at $577,000 after acquiring an additional 985 shares during the period. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Up 0.3 %

Shares of SON opened at $47.72 on Friday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. Sonoco Products has a fifty-two week low of $45.93 and a fifty-two week high of $61.73. The firm has a 50 day moving average price of $49.80 and a 200-day moving average price of $51.59. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 0.72 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company’s revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. As a group, equities research analysts forecast that Sonoco Products will post 5.12 earnings per share for the current year.

Wall Street Analyst Weigh In

SON has been the subject of several recent research reports. Robert W. Baird reduced their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Citigroup decreased their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Bank of America raised their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Truist Financial upped their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company cut their price target on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Sonoco Products has an average rating of “Moderate Buy” and an average price target of $60.17.

Insiders Place Their Bets

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 16,065 shares in the company, valued at $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.51% of the company’s stock.

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.