Curbstone Financial Management Corp grew its holdings in shares of Sonoco Products Company (NYSE:SON) by 99.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,800 shares of the industrial products company’s stock after purchasing an additional 14,875 shares during the quarter. Curbstone Financial Management Corp’s holdings in Sonoco Products were worth $1,503,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Harfst & Associates Inc. purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at $126,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sonoco Products by 18.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after purchasing an additional 589 shares during the last quarter. Seven Eight Capital LP purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at $206,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Sonoco Products by 8.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,190 shares of the industrial products company’s stock valued at $222,000 after purchasing an additional 342 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Sonoco Products during the 1st quarter valued at $224,000. 71.74% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Marcy J. Thompson sold 565 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $51.00, for a total transaction of $28,815.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $53.00, for a total value of $38,531.00. Following the completion of the sale, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at $1,801,894. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
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Several brokerages recently weighed in on SON. Barclays PLC reissued an “underweight” rating and issued a $48.00 price objective (up previously from $45.00) on shares of Sonoco Products in a report on Monday, July 24th. Robert W. Baird raised Sonoco Products from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $55.00 to $60.00 in a report on Wednesday, July 19th. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a report on Thursday, October 19th. Zacks Investment Research raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $48.00 price objective on shares of Sonoco Products in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $52.00.
Shares of Sonoco Products Company (SON) traded down 2.09% on Friday, reaching $51.17. The company’s stock had a trading volume of 140,751 shares. The company’s 50-day moving average is $50.28 and its 200 day moving average is $50.47. Sonoco Products Company has a 12-month low of $47.10 and a 12-month high of $55.58. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 19.43 and a beta of 1.13.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.72 earnings per share. Equities analysts anticipate that Sonoco Products Company will post $2.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, November 9th. Sonoco Products’s dividend payout ratio (DPR) is 57.35%.
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.
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