First Manhattan Co. boosted its holdings in shares of Sonoco Products Company (NYSE:SON) by 9.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,855 shares of the industrial products company’s stock after buying an additional 2,030 shares during the quarter. First Manhattan Co.’s holdings in Sonoco Products were worth $1,203,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. State of New Jersey Common Pension Fund D bought a new stake in shares of Sonoco Products in the third quarter valued at about $1,261,000. Aperio Group LLC lifted its stake in shares of Sonoco Products by 9.6% in the third quarter. Aperio Group LLC now owns 80,971 shares of the industrial products company’s stock valued at $4,085,000 after buying an additional 7,071 shares during the period. TIAA FSB lifted its stake in shares of Sonoco Products by 6.5% in the third quarter. TIAA FSB now owns 49,176 shares of the industrial products company’s stock valued at $2,481,000 after buying an additional 3,003 shares during the period. First Trust Advisors LP lifted its stake in Sonoco Products by 10.2% during the third quarter. First Trust Advisors LP now owns 690,977 shares of the industrial products company’s stock worth $34,860,000 after purchasing an additional 63,861 shares during the period. Finally, Nationwide Fund Advisors lifted its stake in Sonoco Products by 5.5% during the third quarter. Nationwide Fund Advisors now owns 233,090 shares of the industrial products company’s stock worth $11,759,000 after purchasing an additional 12,054 shares during the period. 71.61% of the stock is currently owned by institutional investors.
In other Sonoco Products news, SVP Vicki B. Arthur sold 727 shares of the company’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 transaction, the senior vice president now directly owns 33,998 shares in the company, valued at approximately $1,801,894. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Barry L. Saunders sold 5,645 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $52.39, for a total transaction of $295,741.55. Following the completion of the transaction, the chief financial officer now owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is currently owned by insiders.
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Sonoco Products Company (SON) opened at $50.74 on Friday. Sonoco Products Company has a 52 week low of $47.10 and a 52 week high of $55.58. The firm has a market cap of $5,043.61, a PE ratio of 18.93, a PEG ratio of 3.89 and a beta of 1.15. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. research analysts predict that Sonoco Products Company will post 2.8 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Thursday, November 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 57.35%.
SON has been the subject of several recent analyst reports. Bank of America Corporation raised shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target for the company in a report on Wednesday, September 6th. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a report on Wednesday, August 2nd. Zacks Investment Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 target price on shares of Sonoco Products in a report on Thursday, September 7th. Finally, Robert W. Baird reissued a “buy” rating and set a $60.00 price target on shares of Sonoco Products in a research report on Friday, September 1st. 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 stock. The stock currently has a consensus rating of “Hold” and a consensus price target 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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