NN Investment Partners Holdings N.V. reduced its position in Sonoco Products Company (NYSE:SON) by 3.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,282 shares of the industrial products company’s stock after selling 614 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Sonoco Products were worth $940,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of SON. United Services Automobile Association boosted its position in Sonoco Products by 109.6% in the first quarter. United Services Automobile Association now owns 18,360 shares of the industrial products company’s stock valued at $972,000 after buying an additional 9,600 shares during the period. Ameritas Investment Partners Inc. boosted its position in Sonoco Products by 7.0% in the first quarter. Ameritas Investment Partners Inc. now owns 38,856 shares of the industrial products company’s stock valued at $2,056,000 after buying an additional 2,549 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Sonoco Products by 2,582.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 24,085 shares of the industrial products company’s stock valued at $1,275,000 after buying an additional 23,187 shares during the period. Russell Investments Group Ltd. boosted its position in Sonoco Products by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 96,899 shares of the industrial products company’s stock valued at $5,128,000 after buying an additional 7,478 shares during the period. Finally, Legal & General Group Plc boosted its position in Sonoco Products by 47.3% in the first quarter. Legal & General Group Plc now owns 110,390 shares of the industrial products company’s stock valued at $5,843,000 after buying an additional 35,429 shares during the period. 73.92% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sonoco Products Company (NYSE SON) opened at 48.62 on Thursday. The stock’s 50 day moving average price is $50.69 and its 200 day moving average price is $52.16. Sonoco Products Company has a one year low of $48.41 and a one year high of $55.58. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of 18.46 and a beta of 1.12.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.71. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. Sonoco Products’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $0.73 earnings per share. Analysts expect that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be issued 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 3.21%. Sonoco Products’s payout ratio is presently 59.09%.
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Several equities analysts have weighed in on SON shares. BidaskClub cut Sonoco Products from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Bank of America Corporation lifted their target price on Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a research note on Friday, July 21st. Vertical Research raised Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Wednesday, August 2nd. Barclays PLC reaffirmed an “overweight” rating on shares of Sonoco Products in a research note on Friday, April 14th. Finally, Jefferies Group LLC reaffirmed a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Sonoco Products has an average rating of “Hold” and a consensus price target of $52.57.
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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