Grandfield & Dodd LLC cut its position in shares of Sonoco Products Company (NYSE:SON) by 6.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,270 shares of the industrial products company’s stock after selling 478 shares during the period. Grandfield & Dodd LLC’s holdings in Sonoco Products were worth $374,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Pictet Asset Management Ltd. bought a new stake in Sonoco Products during the first quarter worth approximately $106,000. IFP Advisors Inc increased its stake in Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock worth $110,000 after buying an additional 242 shares in the last quarter. Cranbrook Wealth Management LLC increased its stake in Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock worth $130,000 after buying an additional 2,000 shares in the last quarter. Meadow Creek Investment Management LLC increased its stake in Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock worth $173,000 after buying an additional 336 shares in the last quarter. Finally, Clinton Group Inc. bought a new stake in Sonoco Products during the first quarter worth approximately $208,000. Institutional investors and hedge funds own 75.39% of the company’s stock.
Shares of Sonoco Products Company (SON) traded up 1.23% on Monday, reaching $48.61. The company had a trading volume of 411,172 shares. Sonoco Products Company has a 12 month low of $47.52 and a 12 month high of $55.58. The stock has a market cap of $4.83 billion, a PE ratio of 18.45 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 issued its earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, meeting analysts’ consensus estimates of $0.71. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. Analysts predict that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s dividend payout ratio is currently 59.09%.
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SON has been the subject of several recent analyst reports. Jefferies Group LLC restated a “hold” rating and issued a $48.00 price target on shares of Sonoco Products in a report on Thursday, August 3rd. BidaskClub downgraded Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $55.00 to $60.00 in a report on Wednesday, July 19th. Vertical Research downgraded Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Finally, 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 report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average 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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