DekaBank Deutsche Girozentrale raised its position in shares of Sonoco Products Co (NYSE:SON) by 142.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 199,700 shares of the industrial products company’s stock after purchasing an additional 117,300 shares during the quarter. DekaBank Deutsche Girozentrale owned 0.20% of Sonoco Products worth $12,785,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in Sonoco Products by 102.4% during the 1st quarter. Parallel Advisors LLC now owns 755 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 382 shares in the last quarter. Machina Capital S.A.S. bought a new stake in Sonoco Products during the 2nd quarter valued at about $56,000. Flagship Harbor Advisors LLC increased its stake in Sonoco Products by 54.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock valued at $59,000 after purchasing an additional 339 shares in the last quarter. Blue Sky Asset Management LLC bought a new stake in Sonoco Products during the 1st quarter valued at about $78,000. Finally, Country Trust Bank bought a new stake in Sonoco Products during the 2nd quarter valued at about $79,000. Institutional investors and hedge funds own 74.07% of the company’s stock.
In other news, VP Marcy J. Thompson sold 1,182 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.37, for a total value of $72,539.34. Following the transaction, the vice president now owns 18,938 shares of the company’s stock, valued at $1,162,225.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by insiders.
Shares of NYSE:SON opened at $56.88 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.24 and a quick ratio of 0.84. Sonoco Products Co has a 1-year low of $50.30 and a 1-year high of $66.57. The company has a market capitalization of $5.56 billion, a P/E ratio of 16.88, a P/E/G ratio of 3.33 and a beta of 0.90. The firm’s 50 day simple moving average is $61.85 and its two-hundred day simple moving average is $61.60.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, July 18th. The industrial products company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.02). Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm earned $0.93 EPS. Sonoco Products’s revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonoco Products Co will post 3.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Thursday, August 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 51.04%.
A number of analysts have recently commented on SON shares. BMO Capital Markets lowered shares of Sonoco Products from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $60.00 to $56.00 in a research note on Monday, July 15th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research note on Thursday, July 18th. Argus upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Wednesday, April 24th. Goldman Sachs Group lowered shares of Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price target for the company. in a research note on Monday, June 24th. Finally, ValuEngine lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $61.17.
Sonoco Products Company Profile
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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