Schroder Investment Management Group lessened its holdings in Sonoco Products Company (NYSE:SON) by 55.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 773,256 shares of the industrial products company’s stock after selling 951,342 shares during the quarter. Schroder Investment Management Group owned 0.77% of Sonoco Products worth $39,397,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of SON. BlackRock Inc. boosted its holdings in shares of Sonoco Products by 5,164.3% in the 1st quarter. BlackRock Inc. now owns 11,100,154 shares of the industrial products company’s stock valued at $587,419,000 after purchasing an additional 10,889,296 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Sonoco Products by 15.5% in the 1st quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock valued at $503,591,000 after purchasing an additional 1,280,470 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of Sonoco Products in the 2nd quarter valued at $42,170,000. American Century Companies Inc. boosted its holdings in shares of Sonoco Products by 13.1% in the 2nd quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after purchasing an additional 257,969 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Sonoco Products by 18.2% in the 1st quarter. AQR Capital Management LLC now owns 1,234,161 shares of the industrial products company’s stock valued at $65,311,000 after purchasing an additional 190,402 shares in the last quarter. 72.57% of the stock is currently owned by hedge funds and other institutional investors.
SON has been the topic of several recent research reports. Jefferies Group LLC reissued a “hold” rating and set a $48.00 price objective on shares of Sonoco Products in a report on Thursday. Bank of America Corporation raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Wednesday, September 6th. BidaskClub downgraded Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Robert W. Baird reissued a “buy” rating and set a $60.00 price objective on shares of Sonoco Products in a report on Friday, September 1st. Finally, Zacks Investment Research raised Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $52.57.
Shares of Sonoco Products Company (NYSE SON) opened at 48.70 on Monday. The company’s 50 day moving average price is $48.53 and its 200 day moving average price is $51.16. The firm has a market cap of $4.84 billion, a P/E ratio of 18.49 and a beta of 1.12. Sonoco Products Company has a 12-month low of $47.10 and a 12-month high of $55.58.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.71. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business earned $0.73 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts forecast that Sonoco Products Company will post $2.75 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 11th were given a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.56 annualized dividend and a yield of 3.20%. Sonoco Products’s dividend payout ratio (DPR) is presently 59.09%.
Sonoco Products 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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