First Midwest Bank Trust Division bought a new stake in shares of Sonoco Products Co. (NYSE:SON) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,704 shares of the company’s stock, valued at approximately $432,000.
Several other large investors also recently added to or reduced their stakes in the stock. Huntington Asset Advisors Inc. acquired a new position in shares of Sonoco Products during the first quarter worth approximately $534,000. NN Investment Partners Holdings N.V. purchased a new position in Sonoco Products during the first quarter worth about $917,000. Baker Ellis Asset Management LLC boosted its position in Sonoco Products by 6.0% in the first quarter. Baker Ellis Asset Management LLC now owns 44,909 shares of the company’s stock worth $2,181,000 after buying an additional 2,560 shares during the period. JPMorgan Chase & Co. boosted its position in Sonoco Products by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 306,877 shares of the company’s stock worth $14,904,000 after buying an additional 2,561 shares during the period. Finally, Impax Asset Management LTD boosted its position in Sonoco Products by 4.0% in the first quarter. Impax Asset Management LTD now owns 64,600 shares of the company’s stock worth $3,137,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds own 68.99% of the company’s stock.
Sonoco Products Co. (NYSE:SON) traded up 0.85% during mid-day trading on Wednesday, reaching $50.93. 498,666 shares of the company’s stock were exchanged. The firm has a market cap of $5.11 billion, a price-to-earnings ratio of 24.14 and a beta of 1.01. The stock has a 50-day moving average of $51.99 and a 200-day moving average of $49.48. Sonoco Products Co. has a 12 month low of $36.56 and a 12 month high of $53.57.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The business’s revenue was down 3.4% compared to the same quarter last year. Analysts anticipate that Sonoco Products Co. will post $2.72 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 12th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.91%. Sonoco Products’s payout ratio is presently 69.81%.
A number of research firms have recently issued reports on SON. Bank of America Corp. cut shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Monday. They noted that the move was a valuation call. Jefferies Group lifted their target price on shares of Sonoco Products from $42.00 to $46.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Vertical Group cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Zacks Investment Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. Finally, Barclays PLC lifted their target price on shares of Sonoco Products from $40.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, July 25th. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $46.25.
In other news, VP Robert L. Puechl sold 1,389 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $51.23, for a total transaction of $71,158.47. Following the completion of the sale, the vice president now owns 22,629 shares of the company’s stock, valued at approximately $1,159,283.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Vicki B. Arthur sold 1,721 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $51.00, for a total transaction of $87,771.00. Following the sale, the vice president now directly owns 39,753 shares of the company’s stock, valued at approximately $2,027,403. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
Sonoco Products Company Profile
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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