James Investment Research Inc. grew its position in Sonoco Products Co (NYSE:SON) by 135.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,780 shares of the industrial products company’s stock after purchasing an additional 10,805 shares during the quarter. James Investment Research Inc.’s holdings in Sonoco Products were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in Sonoco Products by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,385,579 shares of the industrial products company’s stock valued at $76,899,000 after acquiring an additional 17,255 shares in the last quarter. Standard Life Aberdeen plc grew its stake in Sonoco Products by 37.8% in the 3rd quarter. Standard Life Aberdeen plc now owns 7,927 shares of the industrial products company’s stock valued at $440,000 after buying an additional 2,176 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Sonoco Products by 29.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 667,632 shares of the industrial products company’s stock valued at $37,053,000 after buying an additional 152,423 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Sonoco Products by 3.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 164,819 shares of the industrial products company’s stock valued at $9,148,000 after buying an additional 6,150 shares in the last quarter. Finally, Man Group plc boosted its holdings in Sonoco Products by 107.2% in the 3rd quarter. Man Group plc now owns 104,082 shares of the industrial products company’s stock valued at $5,776,000 after purchasing an additional 53,843 shares during the period. 74.61% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the stock a “hold” rating in a report on Monday, April 22nd. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research report on Sunday, April 21st. Vertical Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Finally, Argus raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $59.40.
In other Sonoco Products news, SVP R. Howard Coker sold 6,484 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $61.94, for a total value of $401,618.96. Following the completion of the sale, the senior vice president now owns 215,108 shares of the company’s stock, valued at $13,323,789.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Roger P. Schrum sold 812 shares of the firm’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total value of $50,547.00. Following the completion of the transaction, the vice president now owns 7,938 shares of the company’s stock, valued at approximately $494,140.50. The disclosure for this sale can be found here. Insiders have sold 13,500 shares of company stock worth $825,196 over the last 90 days. Insiders own 1.30% of the company’s stock.
SON stock traded down $0.99 during trading on Wednesday, hitting $62.31. The company had a trading volume of 246,100 shares, compared to its average volume of 499,839. The company has a market capitalization of $6.32 billion, a PE ratio of 18.49, a P/E/G ratio of 3.78 and a beta of 1.01. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.36 and a quick ratio of 0.91. Sonoco Products Co has a 52-week low of $50.30 and a 52-week high of $64.46.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, April 18th. The industrial products company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.80 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.37 billion. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. Sell-side analysts forecast that Sonoco Products Co will post 3.58 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. The ex-dividend date is Thursday, May 9th. Sonoco Products’s dividend payout ratio is presently 51.04%.
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About Sonoco Products
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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