Breton Hill Capital Ltd. decreased its stake in shares of Sonoco Products Company (NYSE:SON) by 34.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,148 shares of the industrial products company’s stock after selling 15,396 shares during the period. Breton Hill Capital Ltd.’s holdings in Sonoco Products were worth $1,499,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in SON. Pictet Asset Management Ltd. purchased a new stake in Sonoco Products during the first quarter valued at $106,000. IFP Advisors Inc raised its stake in Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock valued at $110,000 after buying an additional 242 shares during the last quarter. Cranbrook Wealth Management LLC raised its stake in Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock valued at $130,000 after buying an additional 2,000 shares during the last quarter. Meadow Creek Investment Management LLC raised its stake in Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after buying an additional 336 shares during the last quarter. Finally, Clinton Group Inc. purchased a new stake in Sonoco Products during the first quarter valued at $208,000. Hedge funds and other institutional investors own 73.92% of the company’s stock.
Shares of Sonoco Products Company (NYSE:SON) opened at 48.02 on Friday. The stock has a 50 day moving average of $50.31 and a 200-day moving average of $51.97. The firm has a market capitalization of $4.77 billion, a P/E ratio of 18.23 and a beta of 1.12. Sonoco Products Company has a 12-month low of $47.52 and a 12-month high of $55.58.
Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm earned $0.73 earnings per share. Sonoco Products’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities research analysts predict that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s payout ratio is currently 59.09%.
A number of brokerages have commented on SON. Jefferies Group LLC reissued a “hold” rating and set a $48.00 price objective (up previously from $47.00) on shares of Sonoco Products in a report on Sunday, April 23rd. DA Davidson raised shares of Sonoco Products from an “underperform” rating to a “neutral” rating and raised their target price for the company from $48.00 to $54.00 in a research note on Friday, April 21st. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Wednesday, August 2nd. Bank of America Corporation raised their target price on shares of Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a research note on Friday, July 21st. Finally, BidaskClub upgraded shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $52.57.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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