Short Interest in Sonoco Products Company (NYSE:SON) Drops By 23.2%

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. Currently, 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 currently 4.9 days. Based on an average trading volume of 1,014,603 shares, the days-to-cover ratio is currently 4.9 days. Currently, 5.1% of the company’s shares are short sold.

Insider Buying and Selling

In related news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction on Friday, February 27th. The shares were sold at an average price of $56.39, for a total value of $89,152.59. Following the sale, the insider owned 9,377 shares in the company, valued at $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 is available at this link. 0.74% of the stock is owned by insiders.

Institutional Trading of Sonoco Products

A number of large investors have recently made changes to their positions in SON. SBI Securities Co. Ltd. lifted its holdings in shares of Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 258 shares during the last quarter. TD Waterhouse Canada Inc. purchased a new position in Sonoco Products during the second quarter worth $30,000. LRI Investments LLC bought a new position in Sonoco Products during the fourth quarter valued at $29,000. Cornerstone Planning Group LLC purchased a new stake in shares of Sonoco Products in the third quarter valued at $29,000. Finally, True Wealth Design LLC lifted its holdings in shares of Sonoco Products by 172.5% in the 3rd quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 471 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Down 1.0%

Sonoco Products stock traded down $0.56 during trading hours on Wednesday, hitting $54.95. The stock had a trading volume of 647,833 shares, compared to its average volume of 1,129,908. The stock’s 50-day moving average price is $49.95 and its 200-day moving average price is $45.39. The stock has a market capitalization of $5.42 billion, a P/E ratio of 5.46, a price-to-earnings-growth ratio of 1.11 and a beta of 0.51. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $58.44. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04.

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

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.9%. The ex-dividend date is Wednesday, February 25th. Sonoco Products’s dividend payout ratio (DPR) is currently 21.05%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Raymond James Financial set a $60.00 price target on shares of Sonoco Products in a research report on Monday, January 5th. Bank of America raised 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 research report on Monday, January 5th. Zacks Research upgraded Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Wells Fargo & Company increased their price objective on Sonoco Products from $47.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 18th. Finally, Robert W. Baird upped their target price on shares of Sonoco Products from $48.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.63.

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.