Tocqueville Asset Management L.P. cut its position in shares of Sonoco Products Co (NYSE:SON) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 312,000 shares of the industrial products company’s stock after selling 8,100 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.31% of Sonoco Products worth $16,580,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its position in shares of Sonoco Products by 56.1% during the third quarter. Janus Henderson Group PLC now owns 1,011,830 shares of the industrial products company’s stock valued at $51,047,000 after acquiring an additional 363,692 shares during the last quarter. American Century Companies Inc. increased its position in shares of Sonoco Products by 15.7% during the third 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 during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Sonoco Products during the third quarter valued at about $15,695,000. Allianz Asset Management GmbH increased its position in shares of Sonoco Products by 743.7% during the third quarter. Allianz Asset Management GmbH now owns 235,196 shares of the industrial products company’s stock valued at $11,865,000 after acquiring an additional 207,320 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Sonoco Products by 376.8% during the third quarter. Stifel Financial Corp now owns 166,379 shares of the industrial products company’s stock valued at $8,393,000 after acquiring an additional 131,485 shares during the last quarter. 70.72% of the stock is currently owned by institutional investors.
Shares of Sonoco Products Co (SON) traded down $0.41 during mid-day trading on Wednesday, hitting $48.67. 339,378 shares of the company were exchanged, compared to its average volume of 452,712. The company has a quick ratio of 1.09, a current ratio of 1.56 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $4,862.94, a PE ratio of 27.97, a P/E/G ratio of 3.27 and a beta of 1.19. Sonoco Products Co has a 52-week low of $47.00 and a 52-week high of $55.77.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, February 15th. The industrial products company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a net margin of 3.48% and a return on equity of 16.63%. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.62 EPS. equities analysts forecast that Sonoco Products Co will post 3.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Wednesday, February 28th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Tuesday, February 27th. Sonoco Products’s dividend payout ratio (DPR) is currently 89.66%.
A number of brokerages have weighed in on SON. Zacks Investment Research upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Monday, February 26th. TheStreet cut shares of Sonoco Products from a “b” rating to a “c+” rating in a research report on Friday, February 16th. Barclays upgraded shares of Sonoco Products from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $49.00 to $55.00 in a research report on Friday, December 15th. Finally, KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research report on Sunday, December 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $53.29.
COPYRIGHT VIOLATION NOTICE: “Tocqueville Asset Management L.P. Has $16.58 Million Holdings in Sonoco Products Co (NYSE:SON)” was first reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece of content on another domain, it was stolen and republished in violation of international copyright & trademark legislation. The original version of this piece of content can be accessed at https://ledgergazette.com/2018/03/15/sonoco-products-co-son-stake-lowered-by-tocqueville-asset-management-l-p.html.
Sonoco Products Profile
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.
Receive News & Ratings for Sonoco Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.