Northern Trust Corp trimmed its stake in Sonoco Products Co (NYSE:SON) by 3.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 804,248 shares of the industrial products company’s stock after selling 32,506 shares during the quarter. Northern Trust Corp’s holdings in Sonoco Products were worth $52,550,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its position in Sonoco Products by 0.3% during the 2nd quarter. Prudential Financial Inc. now owns 62,798 shares of the industrial products company’s stock valued at $4,103,000 after buying an additional 190 shares in the last quarter. Meridian Wealth Management LLC increased its position in Sonoco Products by 3.2% during the 2nd quarter. Meridian Wealth Management LLC now owns 6,310 shares of the industrial products company’s stock valued at $412,000 after buying an additional 195 shares in the last quarter. Veritable L.P. increased its position in Sonoco Products by 4.0% during the 2nd quarter. Veritable L.P. now owns 5,080 shares of the industrial products company’s stock valued at $332,000 after buying an additional 197 shares in the last quarter. Shamrock Asset Management LLC increased its position in Sonoco Products by 3.6% during the 2nd quarter. Shamrock Asset Management LLC now owns 5,837 shares of the industrial products company’s stock valued at $381,000 after buying an additional 202 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Sonoco Products by 1.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,960 shares of the industrial products company’s stock valued at $717,000 after buying an additional 208 shares in the last quarter. 73.65% of the stock is owned by hedge funds and other institutional investors.
SON has been the topic of several recent analyst reports. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Thursday, July 18th. Goldman Sachs Group downgraded Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price target on the stock. in a research note on Monday, June 24th. Bank of America downgraded Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Friday, July 12th. ValuEngine downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. Finally, Robert W. Baird set a $70.00 price target on Sonoco Products and gave the company a “buy” rating in a research note on Friday, July 19th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $61.17.
Shares of SON traded down $0.54 during mid-day trading on Thursday, reaching $58.35. The company had a trading volume of 6,106 shares, compared to its average volume of 339,116. Sonoco Products Co has a 52-week low of $50.30 and a 52-week high of $66.57. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $5.79 billion, a P/E ratio of 17.29, a PEG ratio of 3.47 and a beta of 0.90. The stock has a 50 day moving average of $57.73 and a two-hundred day moving average of $61.30.
Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, July 18th. The industrial products company reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Sonoco Products had a return on equity of 19.55% and a net margin of 5.61%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $0.93 EPS. The firm’s quarterly revenue was down .5% compared to the same quarter last year. On average, sell-side analysts expect that Sonoco Products Co will post 3.57 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a $0.43 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.72 dividend on an annualized basis and a yield of 2.95%. Sonoco Products’s payout ratio is 51.04%.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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