California State Teachers Retirement System raised its stake in Sonoco Products Co (NYSE:SON) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 168,144 shares of the industrial products company’s stock after purchasing an additional 1,161 shares during the period. California State Teachers Retirement System’s holdings in Sonoco Products were worth $8,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of SON. First Personal Financial Services grew its stake in shares of Sonoco Products by 235.7% during the fourth quarter. First Personal Financial Services now owns 2,182 shares of the industrial products company’s stock worth $116,000 after acquiring an additional 1,532 shares during the last quarter. Ffcm LLC purchased a new stake in shares of Sonoco Products during the third quarter worth about $113,000. Financial Gravity Companies Inc. purchased a new stake in shares of Sonoco Products during the fourth quarter worth about $176,000. Howland Capital Management LLC purchased a new stake in shares of Sonoco Products during the fourth quarter worth about $201,000. Finally, Dividend Assets Capital LLC purchased a new stake in shares of Sonoco Products during the fourth quarter worth about $203,000. Institutional investors own 70.68% of the company’s stock.
SON has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Tuesday, February 13th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research note on Sunday, December 3rd. Barclays upgraded Sonoco Products from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $49.00 to $55.00 in a research note on Friday, December 15th. Vertical Research upgraded Sonoco Products from a “hold” rating to a “buy” rating in a research note on Friday. Finally, TheStreet downgraded Sonoco Products from a “b” rating to a “c+” rating in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Sonoco Products currently has a consensus rating of “Hold” and a consensus target price of $53.29.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, February 15th. The industrial products company reported $0.72 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the firm earned $0.62 EPS. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. analysts expect that Sonoco Products Co will post 3.2 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Wednesday, February 28th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, February 27th. Sonoco Products’s payout ratio is presently 89.66%.
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Sonoco Products Company Profile
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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