SG Americas Securities LLC reduced its position in shares of Sonoco Products (NYSE: SON – Get a rating) by 36.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The company held 15,565 shares of the industrial products company after selling 8,926 shares during the period. SG Americas Securities LLC’s holdings in Sonoco Products were worth $974,000 at the end of the last quarter.
Several other institutional investors have also increased or reduced their stake in the company. State Street Corp increased its holdings of Sonoco Products shares 10.7% during the fourth quarter. State Street Corp now owns 7,268,672 shares of the industrial products company worth $420,783,000 after purchasing an additional 701,528 shares last quarter. American Century Companies Inc. increased its holdings in Sonoco Products by 9.0% in the fourth quarter. American Century Companies Inc. now owns 6,757,817 shares of the industrial products company valued at $391,210,000 after purchasing an additional 557,876 shares during the period. Victory Capital Management Inc. increased its position in Sonoco Products shares by 9.2% during the fourth quarter. Victory Capital Management Inc. now owns 2,083,474 shares of the industrial products company worth $120,612,000 after purchasing an additional 175,577 shares last quarter. Charles Schwab Investment Management Inc. increased its holdings of Sonoco Products shares by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,559,787 shares of the industrial products company worth $90,296,000 after purchasing an additional 36,679 shares during the period. Finally, Geode Capital Management LLC increased its stake in Sonoco Products by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 1,354,473 shares of the industrial products company worth $78,410,000 after acquiring an additional 49,129 shares during the period. 77.06% of the shares are currently held by institutional investors.
Sonoco products trade up 1.3%
SON opened at $63.49 on Friday. The company has a debt ratio of 1.41, a current ratio of 1.36 and a quick ratio of 0.80. Sonoco Products has a fifty-two week low of $51.52 and a fifty-two week high of $67.06. The company’s 50-day moving average price is $58.01 and its two-hundred-day moving average price is $58.84. The company has a market capitalization of $6.19 billion, a price/earnings ratio of 14.83, a PEG ratio of 1.96 and a beta of 0.70.
Sonoco products (NYSE: SON – Get a rating) last released its quarterly earnings data on Thursday, July 21. The industrial products company reported earnings per share of $1.76 for the quarter, beating the consensus estimate of $1.67 by $0.09. The company posted revenue of $1.91 billion for the quarter, versus $1.91 billion expected by analysts. Sonoco Products had a net margin of 6.47% and a return on equity of 28.33%. Sonoco Products revenue for the quarter increased 38.4% year over year. In the same quarter a year earlier, the company posted earnings per share of $0.84. As a group, research analysts predict Sonoco Products will post earnings per share of 6.33 for the current year.
Sonoco Products Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 9. Investors of record on Wednesday August 10 will receive a dividend of $0.49 per share. The ex-date of this dividend is Tuesday, August 9. This represents an annualized dividend of $1.96 and a dividend yield of 3.09%. Sonoco Products’ payout ratio is 45.79%.
Wall Street analysts predict growth
SON has been the subject of several recent analyst reports. TheStreet upgraded shares of Sonoco Products from a “c+” rating to a “b-” rating in a Thursday, July 21 research report. StockNews.com upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup raised its target price on Sonoco products to $73.00 in a Monday, July 25 report. Wells Fargo & Company raised its price target on Sonoco products to $67.00 in a Friday, July 22 report. Finally, Deutsche Bank Aktiengesellschaft raised its price target on Sonoco products from $63.00 to $65.00 in a Monday, April 18 research report. One research analyst rated the stock with a sell rating, four gave the stock a hold rating, and four gave the stock a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $65.57.
Insider buying and selling
In other Sonoco Products news, COO Rodger D. Fuller sold 1,898 shares in a trade that took place on Friday, July 22. The stock was sold at an average price of $62.53, for a total transaction of $118,681.94. Following the transaction, the COO now directly owns 83,818 shares of the company, valued at approximately $5,241,139.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. 0.47% of the shares are currently held by insiders.
Sonoco Product Profile
Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia and Asia. The Company operates through two segments: Consumer Packaging and Industrial Paper Packaging. The round and shaped rigid paper containers of the consumer packaging sector; metallic and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and overall brand artwork management.
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