Manning & Napier Advisors LLC trimmed its holdings in shares of Sonoco Products Company (NYSE:SON) by 6.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,172 shares of the industrial products company’s stock after selling 2,880 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Sonoco Products were worth $2,127,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the stock. Financial Engines Advisors L.L.C. increased its position in Sonoco Products by 33.4% during the third quarter. Financial Engines Advisors L.L.C. now owns 15,870 shares of the industrial products company’s stock worth $801,000 after acquiring an additional 3,973 shares during the period. Bank of New York Mellon Corp increased its position in Sonoco Products by 1.0% during the third quarter. Bank of New York Mellon Corp now owns 1,363,962 shares of the industrial products company’s stock worth $68,811,000 after acquiring an additional 13,158 shares during the period. DekaBank Deutsche Girozentrale increased its position in Sonoco Products by 8.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 99,500 shares of the industrial products company’s stock worth $4,895,000 after acquiring an additional 7,700 shares during the period. Teacher Retirement System of Texas increased its position in Sonoco Products by 695.6% during the third quarter. Teacher Retirement System of Texas now owns 63,269 shares of the industrial products company’s stock worth $3,192,000 after acquiring an additional 55,317 shares during the period. Finally, Rhumbline Advisers increased its position in Sonoco Products by 12.6% during the third quarter. Rhumbline Advisers now owns 245,511 shares of the industrial products company’s stock worth $12,386,000 after acquiring an additional 27,491 shares during the period. 69.87% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Marcy J. Thompson sold 565 shares of Sonoco Products stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of Sonoco Products stock in a transaction on Friday, October 20th. The stock was sold at an average price of $53.00, for a total transaction of $38,531.00. Following the transaction, the senior vice president now directly owns 33,998 shares in the company, valued at $1,801,894. The disclosure for this sale can be found here. In the last three months, insiders 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 (NYSE SON) traded down $0.29 during trading hours on Tuesday, hitting $51.19. 351,000 shares of the stock traded hands, compared to its average volume of 537,784. The company has a market cap of $5,117.16, a price-to-earnings ratio of 19.21, a P/E/G ratio of 3.95 and a beta of 1.15. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. Sonoco Products Company has a 12 month low of $47.10 and a 12 month high of $55.58.
Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. Sonoco Products’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. equities research analysts anticipate that Sonoco Products Company will post 2.8 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.05%. The ex-dividend date is Thursday, November 9th. Sonoco Products’s payout ratio is currently 57.35%.
A number of brokerages have issued reports on SON. Zacks Investment Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Jefferies Group LLC reiterated a “hold” rating and set a $48.00 price objective on shares of Sonoco Products in a research note on Thursday, September 7th. Vertical Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research note on Wednesday, August 2nd. BidaskClub downgraded shares of Sonoco Products from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, Bank of America Corporation upgraded shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price objective on the stock in a research note on Wednesday, September 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Sonoco Products presently has an average 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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