State Treasurer State of Michigan lowered its holdings in Sonoco Products Company (NYSE:SON) by 8.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 37,411 shares of the industrial products company’s stock after selling 3,600 shares during the quarter. State Treasurer State of Michigan’s holdings in Sonoco Products were worth $1,887,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Sonoco Products by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after buying an additional 29,532 shares in the last quarter. State Street Corp boosted its stake in Sonoco Products by 1.2% in the 2nd quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after buying an additional 77,004 shares in the last quarter. Wells Fargo & Company MN boosted its stake in 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 buying an additional 251,027 shares in the last quarter. American Century Companies Inc. boosted its stake in Sonoco Products by 13.1% in the 2nd quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after buying an additional 257,969 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Sonoco Products by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,350,804 shares of the industrial products company’s stock valued at $69,458,000 after purchasing an additional 8,370 shares during the last quarter. 71.95% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Vicki B. Arthur sold 727 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $53.00, for a total transaction of $38,531.00. Following the completion of the transaction, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at $1,801,894. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Barry L. Saunders sold 5,645 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $52.39, for a total value of $295,741.55. Following the sale, the chief financial officer now owns 60,455 shares in the company, valued at approximately $3,167,237.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,937 shares of company stock valued at $363,088. Insiders own 1.90% of the company’s stock.
Shares of Sonoco Products Company (NYSE SON) opened at $50.74 on Monday. The company has a market capitalization of $5,043.60, a PE ratio of 18.93, a P/E/G ratio of 3.89 and a beta of 1.15. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. Sonoco Products Company has a fifty-two week low of $47.10 and a fifty-two week high of $55.58.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. The company’s revenue was up 9.6% on a year-over-year basis. equities analysts expect that Sonoco Products Company will post 2.8 EPS for the current fiscal year.
The firm also recently announced 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 3.07%. Sonoco Products’s payout ratio is 57.35%.
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Several equities analysts have issued reports on the company. Robert W. Baird reiterated a “buy” rating and issued a $60.00 price objective on shares of Sonoco Products in a research report on Friday. Jefferies Group LLC reiterated a “hold” rating and issued a $48.00 price objective on shares of Sonoco Products in a research report on Thursday, August 3rd. BidaskClub downgraded Sonoco Products from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Barclays PLC lifted their price objective on Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Friday, October 20th. Finally, KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research report on Thursday, October 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Sonoco Products presently has an average rating of “Hold” and a consensus target price of $52.00.
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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