Sonoco Products Co. (NYSE:SON) was downgraded by investment analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a report issued on Monday. The analysts noted that the move was a valuation call.
Other research analysts have also recently issued reports about the stock. Jefferies Group boosted their price target on shares of Sonoco Products from $42.00 to $46.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Zacks Investment Research cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Monday, June 27th. Deutsche Bank AG set a $42.00 price target on shares of Sonoco Products and gave the stock a “hold” rating in a report on Sunday, July 24th. BMO Capital Markets restated a “hold” rating and set a $46.00 price target on shares of Sonoco Products in a report on Friday, July 22nd. Finally, Vertical Group cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $46.25.
Sonoco Products (NYSE:SON) traded down 2.33% during mid-day trading on Monday, reaching $51.60. The company’s stock had a trading volume of 158,260 shares. The firm’s 50 day moving average price is $51.99 and its 200 day moving average price is $49.41. The firm has a market capitalization of $5.17 billion, a P/E ratio of 24.45 and a beta of 1.01. Sonoco Products has a 52 week low of $36.56 and a 52 week high of $53.57.
Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.05. Sonoco Products had a net margin of 4.37% and a return on equity of 17.66%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, analysts anticipate that Sonoco Products will post $2.72 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Friday, August 12th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, August 10th. Sonoco Products’s dividend payout ratio (DPR) is currently 69.81%.
In other news, CFO Barry L. Saunders sold 3,809 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $51.09, for a total value of $194,601.81. Following the sale, the chief financial officer now owns 64,444 shares of the company’s stock, valued at $3,292,443.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Vicki B. Arthur sold 1,721 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $51.00, for a total transaction of $87,771.00. Following the completion of the sale, the vice president now directly owns 39,753 shares in the company, valued at approximately $2,027,403. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Mason Street Advisors LLC purchased a new stake in Sonoco Products during the second quarter worth $2,282,000. Calvert Investment Management Inc. purchased a new stake in Sonoco Products during the second quarter worth $676,000. Schwab Charles Investment Management Inc. raised its stake in Sonoco Products by 6.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 481,819 shares of the company’s stock worth $23,928,000 after buying an additional 31,289 shares during the period. Lowe Brockenbrough & Co. Inc. raised its stake in Sonoco Products by 1.1% in the second quarter. Lowe Brockenbrough & Co. Inc. now owns 6,495 shares of the company’s stock worth $323,000 after buying an additional 70 shares during the period. Finally, Amalgamated Bank raised its stake in Sonoco Products by 10.8% in the second quarter. Amalgamated Bank now owns 13,519 shares of the company’s stock worth $695,000 after buying an additional 1,322 shares during the period. 68.99% of the stock is currently owned by institutional investors.
About Sonoco Products
Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of 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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