Rhumbline Advisers cut its stake in shares of Sonoco Products Co (NYSE:SON) by 7.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 226,924 shares of the industrial products company’s stock after selling 18,587 shares during the period. Rhumbline Advisers’ holdings in Sonoco Products were worth $12,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Allianz Asset Management GmbH raised its position in Sonoco Products by 743.7% during the third quarter. Allianz Asset Management GmbH now owns 235,196 shares of the industrial products company’s stock valued at $11,865,000 after purchasing an additional 207,320 shares during the period. California Public Employees Retirement System raised its position in Sonoco Products by 3.4% during the third quarter. California Public Employees Retirement System now owns 254,300 shares of the industrial products company’s stock valued at $12,829,000 after purchasing an additional 8,250 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in Sonoco Products during the third quarter valued at approximately $1,261,000. Engineers Gate Manager LP purchased a new stake in shares of Sonoco Products in the third quarter worth approximately $3,322,000. Finally, Legal & General Group Plc raised its holdings in shares of Sonoco Products by 8.5% in the third quarter. Legal & General Group Plc now owns 134,510 shares of the industrial products company’s stock worth $6,785,000 after buying an additional 10,524 shares during the period. Institutional investors and hedge funds own 72.23% of the company’s stock.
Several equities research analysts have recently weighed in on the company. TheStreet downgraded Sonoco Products from a “b” rating to a “c+” rating in a report on Friday, February 16th. Zacks Investment Research downgraded Sonoco Products from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Barclays upgraded Sonoco Products from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $49.00 to $55.00 in a report on Friday, December 15th. Robert W. Baird reiterated a “buy” rating and issued a $60.00 price target on shares of Sonoco Products in a report on Friday, November 10th. Finally, KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a report on Sunday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $53.29.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). Sonoco Products had a return on equity of 16.63% and a net margin of 3.48%. The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. research analysts anticipate that Sonoco Products Co will post 3.2 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 9th. Investors of record on Wednesday, February 28th will be paid a $0.39 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $1.56 annualized dividend and a yield of 3.21%. Sonoco Products’s dividend payout ratio (DPR) is currently 62.40%.
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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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