Sonoco Products Company (NYSE:SON) Sees Significant Drop in Short Interest

Sonoco Products Company (NYSE:SON) saw a significant decrease in short interest in February. As of February 13th, there was short interest totaling 4,974,989 shares, a decrease of 23.2% from the January 29th total of 6,478,790 shares. Based on an average trading volume of 1,014,603 shares, the days-to-cover ratio is presently 4.9 days. Approximately 5.1% of the company’s shares are short sold. Approximately 5.1% of the company’s shares are short sold. Based on an average trading volume of 1,014,603 shares, the days-to-cover ratio is presently 4.9 days.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SON shares. UBS Group lifted their target price on Sonoco Products from $48.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, February 19th. Zacks Research raised shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Wall Street Zen raised shares of Sonoco Products from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Finally, Citigroup lifted their price target on shares of Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.63.

Insider Activity at Sonoco Products

In other news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the transaction, the insider owned 9,377 shares in the company, valued at $528,769.03. The trade was a 14.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sonoco Products

Large investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. boosted its position in Sonoco Products by 77.7% during 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 period. TD Waterhouse Canada Inc. acquired a new stake in shares of Sonoco Products during the 2nd quarter worth about $30,000. LRI Investments LLC acquired a new stake in shares of Sonoco Products during the 4th quarter worth about $29,000. Cornerstone Planning Group LLC bought a new stake in shares of Sonoco Products during the 3rd quarter worth about $29,000. Finally, True Wealth Design LLC boosted its holdings in shares of Sonoco Products by 172.5% during the 3rd quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $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

NYSE SON traded down $0.87 on Tuesday, hitting $55.51. 724,382 shares of the stock were exchanged, compared to its average volume of 1,134,917. The company has a market capitalization of $5.48 billion, a PE ratio of 5.51, a P/E/G ratio of 1.13 and a beta of 0.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.05 and a quick ratio of 0.60. The business’s fifty day moving average is $49.72 and its 200 day moving average is $45.32. Sonoco Products has a 52 week low of $38.65 and a 52 week high of $58.44.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the business earned $1.17 EPS. Sonoco Products’s revenue for the quarter was up 29.7% compared to the same quarter last year. Research analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Wednesday, February 25th. Sonoco Products’s dividend payout ratio (DPR) is presently 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.