Teacher Retirement System of Texas Increases Position in Sonoco Products Company (SON)

Teacher Retirement System of Texas lifted its position in shares of Sonoco Products Company (NYSE:SON) by 695.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,269 shares of the industrial products company’s stock after buying an additional 55,317 shares during the period. Teacher Retirement System of Texas owned about 0.06% of Sonoco Products worth $3,192,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. National Planning Corp raised its holdings in shares of Sonoco Products by 0.3% during the 2nd quarter. National Planning Corp now owns 12,647 shares of the industrial products company’s stock valued at $652,000 after buying an additional 42 shares in the last quarter. World Asset Management Inc raised its holdings in shares of Sonoco Products by 0.8% during the 2nd quarter. World Asset Management Inc now owns 6,896 shares of the industrial products company’s stock valued at $355,000 after buying an additional 57 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Sonoco Products by 0.7% during the 2nd quarter. Bank of Montreal Can now owns 12,995 shares of the industrial products company’s stock valued at $669,000 after buying an additional 88 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Sonoco Products by 1.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 9,411 shares of the industrial products company’s stock valued at $484,000 after buying an additional 177 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Sonoco Products by 2.2% during the 2nd quarter. Wedge Capital Management L L P NC now owns 10,228 shares of the industrial products company’s stock valued at $526,000 after buying an additional 224 shares in the last quarter. 69.87% of the stock is currently owned by institutional investors.

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A number of brokerages recently weighed in on SON. Jefferies Group LLC reissued a “hold” rating and set a $48.00 price objective on shares of Sonoco Products in a report on Thursday, August 3rd. BidaskClub cut Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Barclays PLC raised their price objective on Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a report on Friday, October 20th. Robert W. Baird reissued a “buy” rating and set a $60.00 price objective on shares of Sonoco Products in a report on Friday, November 10th. Finally, KeyCorp reissued a “hold” rating on shares of Sonoco Products in a report on Thursday, October 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Sonoco Products currently has an average rating of “Hold” and an average price target of $52.00.

Sonoco Products Company (SON) opened at $51.19 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.59 and a quick ratio of 1.11. The company has a market capitalization of $5,117.16, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 3.95 and a beta of 1.15. Sonoco Products Company has a 12 month low of $47.10 and a 12 month high of $55.58.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. equities analysts predict that Sonoco Products Company will post 2.8 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.56 dividend on an annualized basis and a yield of 3.05%. Sonoco Products’s dividend payout ratio (DPR) is currently 57.35%.

In other Sonoco Products news, SVP Vicki B. Arthur sold 727 shares of Sonoco Products 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 transaction, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at approximately $1,801,894. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marcy J. Thompson sold 565 shares of Sonoco Products stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $51.00, for a total value of $28,815.00. The disclosure for this sale can be found here. Insiders sold a total of 6,937 shares of company stock worth $363,088 over the last ninety days. Insiders own 1.90% of the company’s stock.

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.

Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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