State Treasurer State of Michigan boosted its position in shares of Sonoco Products Company (NYSE:SON) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 41,011 shares of the industrial products company’s stock after buying an additional 700 shares during the period. State Treasurer State of Michigan’s holdings in Sonoco Products were worth $2,109,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in SON. BlackRock Inc. boosted its stake 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 during the period. Vanguard Group Inc. boosted 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 period. American Century Companies Inc. boosted 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 worth $104,358,000 after buying an additional 347,375 shares during the period. Wells Fargo & Company MN boosted 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 worth $180,558,000 after buying an additional 280,668 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Sonoco Products by 18.2% in the first quarter. AQR Capital Management LLC now owns 1,234,161 shares of the industrial products company’s stock worth $65,311,000 after buying an additional 190,402 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.
Shares of Sonoco Products Company (NYSE SON) traded up 0.31% on Tuesday, hitting $48.63. The company had a trading volume of 118,399 shares. Sonoco Products Company has a 52 week low of $48.41 and a 52 week high of $55.58. The stock has a market capitalization of $4.90 billion, a PE ratio of 18.46 and a beta of 1.14. The firm’s 50 day moving average price is $50.92 and its 200-day moving average price is $52.27.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts forecast that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 annualized dividend and a yield of 3.22%. Sonoco Products’s dividend payout ratio is 59.09%.
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SON has been the subject of a number of research reports. Barclays PLC reissued an “overweight” rating on shares of Sonoco Products in a research note on Friday, April 14th. Jefferies Group LLC reissued a “hold” rating and issued a $48.00 price objective (up previously from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. DA Davidson raised Sonoco Products from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $48.00 to $54.00 in a research note on Friday, April 21st. Zacks Investment Research raised Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, June 22nd. Finally, BidaskClub raised Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Sonoco Products presently has an average rating of “Hold” and a consensus target price of $53.83.
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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