Sonoco (SON) starting to work higher out of a multi-month downtrend from the May 2021 highs and seeing insiders active last week with $125K in stock bought by the Treasurer and VP at $56.45. This is the first open market buy since 2020 at $48 when a director bought $200K in stock. Shares are down 15.5% from the 52-week highs and flat for the year but upside out off of this base has room to $62 and then $66. The $5.8B company trades 12X earnings, 1X sales, and 44X FCF with a 3% yield. SON sells industrial and consumer packaging products including Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. Sonoco Metal Packaging is a leading U.S. manufacturer of tinplate food/ aerosol cans and closures/components and projected to sell 1B aerosol cans and 5B food cans in 2021. In 2021, they saw their mix improve with more sales in industrial packaging while consumer was flat. They set a target of $1B in EBITDA by 2026 while simplifying their structure and building a much more efficient organization. SON sees 2022/2023 as a transformational period as they open new plants, expand their can and metal presses, and benefit from higher plastic to paper conversions in Europe. In December, the company bought Ball Metalpack for $1.35B, a significant addition to their consumer business. Seaport upgraded shares to Buy in late 2021 after the deal closed noting that the analyst likes the EPS and free cash flow accretion opportunity and his view of the acquisition has shifted to positive. The firm also likes the long-term strategic rationale of housing paper, plastic, and metal packaging under one roof. Short interest is 2.2%.