UniSuper Management Pty Ltd Sells 22,729 Shares of Sonoco Products Company $SON

UniSuper Management Pty Ltd decreased its position in Sonoco Products Company (NYSE:SON) by 19.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,182 shares of the industrial products company’s stock after selling 22,729 shares during the quarter. UniSuper Management Pty Ltd owned 0.09% of Sonoco Products worth $4,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of SON. Norges Bank purchased a new position in shares of Sonoco Products in the second quarter valued at $53,618,000. Nordea Investment Management AB lifted its position in Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock valued at $122,914,000 after purchasing an additional 1,164,849 shares during the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Sonoco Products in the 2nd quarter worth $11,569,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Sonoco Products by 87.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock worth $25,754,000 after buying an additional 255,055 shares during the last quarter. Finally, Access Investment Management LLC purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at about $10,550,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John R. Haley acquired 2,506 shares of the stock in a transaction on Tuesday, October 28th. The stock was bought at an average cost of $39.87 per share, with a total value of $99,914.22. Following the transaction, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This represents a 12.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Paul Joachimczyk bought 20,500 shares of the company’s stock in a transaction on Wednesday, October 29th. The stock was bought at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the purchase, the chief financial officer directly owned 20,500 shares in the company, valued at approximately $809,750. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.74% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SON shares. UBS Group lifted their price target on Sonoco Products from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday. Truist Financial boosted their target price on Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Raymond James Financial set a $60.00 price target on Sonoco Products in a research report on Monday, January 5th. Finally, Jefferies Financial Group cut their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.86.

Sonoco Products Price Performance

Shares of SON stock opened at $48.63 on Monday. The stock has a 50 day moving average price of $43.85 and a 200 day moving average price of $44.11. Sonoco Products Company has a 52-week low of $38.65 and a 52-week high of $50.09. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92. The firm has a market capitalization of $4.80 billion, a P/E ratio of 7.72, a P/E/G ratio of 0.76 and a beta of 0.55.

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.