Visionary Asset Management Inc. purchased a new position in Sonoco Products Company (NYSE:SON) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,540 shares of the industrial products company’s stock, valued at approximately $336,000.
Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Sonoco Products by 5,164.3% in the first quarter. BlackRock Inc. now owns 11,100,154 shares of the industrial products company’s stock worth $587,419,000 after buying an additional 10,889,296 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Sonoco Products by 15.5% in the first quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock worth $503,591,000 after buying an additional 1,280,470 shares during the last quarter. Norges Bank acquired a new stake in shares of Sonoco Products during the fourth quarter valued at about $46,593,000. American Century Companies Inc. raised its stake in shares of Sonoco Products by 21.4% in the first quarter. American Century Companies Inc. now owns 1,971,998 shares of the industrial products company’s stock valued at $104,358,000 after buying an additional 347,375 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Sonoco Products by 9.0% in the first quarter. Wells Fargo & Company MN now owns 3,411,886 shares of the industrial products company’s stock valued at $180,558,000 after buying an additional 280,668 shares during the last quarter. 73.92% of the stock is currently owned by institutional investors.
Shares of Sonoco Products Company (SON) traded up 0.10% during trading on Friday, reaching $48.02. 368,363 shares of the company’s stock were exchanged. Sonoco Products Company has a 12 month low of $47.52 and a 12 month high of $55.58. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 18.23 and a beta of 1.12. The stock has a 50-day moving average price of $50.31 and a 200 day moving average price of $51.97.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the company posted $0.73 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts forecast that Sonoco Products Company will post $2.75 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 11th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.25%. Sonoco Products’s dividend payout ratio is currently 59.09%.
Several research analysts have recently weighed in on SON shares. Jefferies Group LLC restated a “hold” rating and set a $48.00 price objective (up from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. Robert W. Baird upgraded shares of Sonoco Products from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $55.00 to $60.00 in a research note on Wednesday, July 19th. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price objective for the company in a report on Wednesday, August 2nd. Zacks Investment Research cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, DA Davidson upgraded shares of Sonoco Products from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $48.00 to $54.00 in a research report on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Sonoco Products currently has an average rating of “Hold” and a consensus price target of $52.57.
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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