James A. Harrell III, who serves as President of Global Industrial Paper Packaging at Sonoco Products Co (NYSE: SON), reported multiple equity transactions on February 19, 2026.
On that date Harrell sold 20 shares of Sonoco common stock in the open market at $57.835 per share, recorded as a $1156 transaction. He also exercised stock appreciation rights (SARs) covering 112 shares at an exercise price of $40.41. Following the exercise, Harrell disposed of 92 of those shares to satisfy tax obligations at $57.99 per share, a transaction reported at $5335.
The filing notes that these trades occurred while Sonoco shares were trading near their 52-week high of $58.44. The filing also references an external analysis indicating the stock may still be undervalued at current levels. Sonoco is described as a $5.56 billion packaging company trading at a price-to-earnings ratio of 9.51 and having increased its dividend for 43 consecutive years.
After the February 19 transactions, Harrell's reported direct holdings of Sonoco common stock stand at 54,405 shares. In addition, the filing shows indirect ownership of 3,316.3074 shares held through a 401(k) plan.
Separately, Sonoco has released a set of forward-looking financial targets covering the next three years through 2028. The company is aiming for adjusted EBITDA of approximately $1.5 billion by 2028 and plans to expand adjusted EBITDA margins by roughly 200 basis points over that period. Management also expects to generate cumulative cash flow from operations of around $2.5 billion during the same multi-year horizon.
Analysts at Truist Securities responded to Sonoco's guidance by raising their price target on the stock from $54 to $69 while maintaining a Buy rating. Sonoco has said margin-improvement efforts should contribute an incremental $150 million to $200 million in operating performance, with that estimate accounting for inflation.
On the sustainability front, Sonoco has begun receiving renewable energy under a Virtual Power Purchase Agreement with ENGIE North America tied to the Big Sampson Wind Project in Texas. The company said the arrangement will supply approximately 140 megawatts of electricity annually and is expected to cover roughly 83% of Sonoco's U.S. electricity consumption in 2025. The contract has a 15-year term.
Taken together, the insider transactions and the company's announced operational and sustainability goals were all reflected in filings made following the February 19 activity. The documents provide a snapshot of an executive-level equity disposition occurring alongside multi-year strategic targets for margin improvement, cash generation and renewable energy sourcing.
Key points
- Insider activity - James A. Harrell III sold 20 shares at $57.835 and exercised 112 SARs at $40.41, later selling 92 shares at $57.99 to cover taxes.
- Financial targets - Sonoco aims for approximately $1.5 billion of adjusted EBITDA by 2028, roughly 200 basis points of adjusted EBITDA margin expansion, and about $2.5 billion of cumulative operating cash flow over three years.
- Sustainability and operational impact - The company began receiving roughly 140 megawatts annually from a 15-year Virtual Power Purchase Agreement with ENGIE tied to the Big Sampson Wind Project; this is expected to supply about 83% of U.S. electricity needs in 2025.
Risks and uncertainties
- The pace and realization of margin-improvement initiatives - projected incremental benefits of $150 million to $200 million are estimates and depend on successful execution, which affects the industrials and packaging sectors.
- Execution of multi-year financial targets - achieving the stated adjusted EBITDA and cumulative cash flow goals by 2028 involves operational and market risks that could affect Sonoco's financial results and investor expectations.
- Renewable energy delivery - the expected supply from the Virtual Power Purchase Agreement is planned to cover about 83% of U.S. electricity consumption in 2025; deviations in output or contract performance could alter projected sustainability benefits and operating costs.