State Board of Administration of Florida Retirement System reduced its holdings in Sonoco (NYSE:SON) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,640 shares of the industrial products company’s stock after selling 2,980 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.15% of Sonoco worth $7,355,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in SON. Schwab Charles Investment Management Inc. boosted its holdings in shares of Sonoco by 5.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 532,451 shares of the industrial products company’s stock worth $28,295,000 after acquiring an additional 25,293 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Sonoco in the 4th quarter worth approximately $451,000. State of Alaska Department of Revenue boosted its holdings in shares of Sonoco by 66.7% in the 4th quarter. State of Alaska Department of Revenue now owns 14,490 shares of the industrial products company’s stock worth $769,000 after acquiring an additional 5,800 shares in the last quarter. UMB Bank N A MO acquired a new position in shares of Sonoco in the 4th quarter worth approximately $204,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Sonoco by 59.4% in the 4th quarter. SG Americas Securities LLC now owns 43,260 shares of the industrial products company’s stock worth $2,299,000 after acquiring an additional 16,121 shares in the last quarter. 69.34% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently commented on the company. TheStreet downgraded Sonoco from a “b” rating to a “c+” rating in a report on Friday, February 16th. Zacks Investment Research downgraded Sonoco from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. UBS assumed coverage on Sonoco in a report on Friday, April 13th. They issued a “buy” rating and a $55.00 target price on the stock. Vertical Research raised Sonoco from a “hold” rating to a “buy” rating in a report on Friday, March 23rd. Finally, KeyCorp reissued a “hold” rating on shares of Sonoco in a report on Thursday, April 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $54.29.
In other Sonoco news, SVP Rodger D. Fuller sold 13,974 shares of the company’s stock in a transaction on Friday, April 20th. The stock was sold at an average price of $51.05, for a total transaction of $713,372.70. Following the transaction, the senior vice president now owns 72,174 shares of the company’s stock, valued at approximately $3,684,482.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Marcy J. Thompson sold 1,101 shares of the company’s stock in a transaction on Thursday, April 26th. The stock was sold at an average price of $53.00, for a total value of $58,353.00. Following the transaction, the vice president now directly owns 15,510 shares in the company, valued at approximately $822,030. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,632 shares of company stock worth $1,219,525. Company insiders own 1.70% of the company’s stock.
Sonoco opened at $51.80 on Wednesday, Marketbeat reports. Sonoco has a 52-week low of $46.55 and a 52-week high of $55.77. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.16 and a current ratio of 1.61. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 3.37 and a beta of 1.12.
Sonoco (NYSE:SON) last posted its quarterly earnings data on Thursday, April 19th. The industrial products company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.02. Sonoco had a return on equity of 17.02% and a net margin of 3.79%. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the business earned $0.59 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. analysts expect that Sonoco will post 3.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 8th. Shareholders of record on Friday, May 11th will be issued a dividend of $0.41 per share. This is an increase from Sonoco’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Thursday, May 10th. This represents a $1.64 annualized dividend and a yield of 3.17%. Sonoco’s dividend payout ratio is currently 58.78%.
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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