Sonoco Products Company (NYSE:SON) Short Interest Update

Sonoco Products Company (NYSE:SON) was the target of a significant decline in short interest during the month of February. As of February 27th, there was short interest totaling 4,157,658 shares, a decline of 16.4% from the February 12th total of 4,974,989 shares. Currently, 4.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,408,078 shares, the days-to-cover ratio is presently 3.0 days. Based on an average daily trading volume, of 1,408,078 shares, the days-to-cover ratio is presently 3.0 days. Currently, 4.2% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several analysts recently commented on SON shares. Wells Fargo & Company increased their price objective on shares of Sonoco Products from $47.00 to $60.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 18th. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $60.00 in a research note on Monday, January 5th. Truist Financial reissued a “buy” rating and set a $69.00 price target (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Finally, Robert W. Baird upped their price objective on Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Sonoco Products has a consensus rating of “Hold” and an average target price of $62.63.

Insider Buying and Selling

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the business’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the sale, the insider directly owned 9,377 shares of the company’s stock, valued at approximately $528,769.03. The trade was a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.74% of the company’s stock.

Institutional Trading of Sonoco Products

Several large investors have recently modified their holdings of SON. SBI Securities Co. Ltd. boosted its position in Sonoco Products by 77.7% in the fourth quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 258 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at about $30,000. LRI Investments LLC bought a new position in shares of Sonoco Products in the 4th quarter worth approximately $29,000. Cornerstone Planning Group LLC purchased a new position in shares of Sonoco Products in the third quarter worth approximately $29,000. Finally, True Wealth Design LLC grew its position in Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after buying an additional 471 shares during the period. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

SON traded down $1.24 during midday trading on Wednesday, hitting $52.36. 539,211 shares of the company traded hands, compared to its average volume of 1,012,406. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $5.16 billion, a PE ratio of 5.20, a price-to-earnings-growth ratio of 1.08 and a beta of 0.50. The company’s 50-day moving average is $51.60 and its 200 day moving average is $45.81. Sonoco Products has a 52 week low of $38.65 and a 52 week high of $58.44.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the business posted $1.17 earnings per share. The business’s revenue for the quarter was up 29.7% on a year-over-year basis. On average, research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th were paid a dividend of $0.53 per share. The ex-dividend date was Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a yield of 4.0%. Sonoco Products’s payout ratio is currently 21.05%.

About Sonoco Products

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.