Advisor Group Inc. raised its position in Sonoco Products Company (NYSE:SON) by 19.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,240 shares of the industrial products company’s stock after purchasing an additional 4,839 shares during the quarter. Advisor Group Inc.’s holdings in Sonoco Products were worth $1,476,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SON. Marshall Wace North America L.P. acquired a new stake in shares of Sonoco Products in the 2nd quarter valued at about $42,170,000. Renaissance Technologies LLC raised its stake in shares of Sonoco Products by 455.3% in the 2nd quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after purchasing an additional 661,500 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Sonoco Products in the 2nd quarter valued at about $33,327,000. American Century Companies Inc. grew its holdings in shares of Sonoco Products by 15.7% in the 3rd quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after acquiring an additional 349,455 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Sonoco Products by 7.4% in the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after acquiring an additional 251,027 shares in the last quarter. 71.95% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on SON shares. KeyCorp restated a “hold” rating on shares of Sonoco Products in a report on Thursday, October 19th. Robert W. Baird restated a “buy” rating and issued a $60.00 price objective on shares of Sonoco Products in a report on Friday, November 10th. Barclays PLC restated an “underweight” rating and issued a $48.00 price objective (up previously from $45.00) on shares of Sonoco Products in a report on Monday, July 24th. BidaskClub cut Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, Zacks Investment Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Sonoco Products has a consensus rating of “Hold” and an average price target of $52.00.
Sonoco Products Company (NYSE:SON) opened at $51.48 on Friday. Sonoco Products Company has a 1-year low of $47.10 and a 1-year high of $55.58. The company has a current ratio of 1.59, a quick ratio of 1.11 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $5,117.16, a PE ratio of 19.21, a P/E/G ratio of 3.95 and a beta of 1.15.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the company posted $0.72 earnings per share. Sonoco Products’s quarterly revenue was up 9.6% on a year-over-year basis. analysts forecast that Sonoco Products Company will post 2.8 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Thursday, November 9th. Sonoco Products’s payout ratio is currently 57.35%.
In other news, CFO Barry L. Saunders sold 5,645 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total transaction of $295,741.55. Following the completion of the sale, the chief financial officer now owns 60,455 shares in the company, valued at $3,167,237.45. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $53.00, for a total value of $38,531.00. Following the sale, the senior vice president now owns 33,998 shares of the company’s stock, valued at approximately $1,801,894. The disclosure for this sale can be found here. Insiders have sold 6,937 shares of company stock valued at $363,088 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.
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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