Cabot Wealth Management Inc. decreased its stake in Sonoco Products Company (NYSE:SON) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,510 shares of the industrial products company’s stock after selling 393 shares during the period. Cabot Wealth Management Inc.’s holdings in Sonoco Products were worth $489,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. Teachers Advisors LLC boosted its stake in shares of Sonoco Products by 9.5% in the fourth quarter. Teachers Advisors LLC now owns 106,108 shares of the industrial products company’s stock valued at $5,592,000 after buying an additional 9,179 shares during the period. Manning & Napier Advisors LLC boosted its stake in shares of Sonoco Products by 172.3% in the first quarter. Manning & Napier Advisors LLC now owns 49,542 shares of the industrial products company’s stock valued at $2,620,000 after buying an additional 31,345 shares during the period. Creative Planning boosted its stake in shares of Sonoco Products by 5.8% in the first quarter. Creative Planning now owns 5,626 shares of the industrial products company’s stock valued at $298,000 after buying an additional 309 shares during the period. Carroll Financial Associates Inc. boosted its stake in shares of Sonoco Products by 3.1% in the first quarter. Carroll Financial Associates Inc. now owns 40,937 shares of the industrial products company’s stock valued at $2,166,000 after buying an additional 1,236 shares during the period. Finally, Regentatlantic Capital LLC boosted its stake in shares of Sonoco Products by 8.4% in the first quarter. Regentatlantic Capital LLC now owns 7,272 shares of the industrial products company’s stock valued at $385,000 after buying an additional 561 shares during the period. Institutional investors and hedge funds own 75.39% of the company’s stock.
Sonoco Products Company (NYSE SON) traded down 0.41% on Friday, reaching $48.44. 543,166 shares of the company’s stock traded hands. The company has a market cap of $4.81 billion, a PE ratio of 18.39 and a beta of 1.12. Sonoco Products Company has a 12 month low of $47.52 and a 12 month high of $55.58. The firm’s 50 day moving average price is $49.96 and its 200 day moving average price is $51.75.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data 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 return on equity of 16.64% and a net margin of 5.61%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business posted $0.73 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts expect that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.22%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s dividend payout ratio is currently 59.09%.
Several brokerages have recently commented on SON. DA Davidson upgraded shares of Sonoco Products from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $48.00 to $54.00 in a research report on Friday, April 21st. Jefferies Group LLC restated a “hold” rating and issued a $48.00 target price (up from $47.00) on shares of Sonoco Products in a research report on Sunday, April 23rd. BidaskClub raised shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Zacks Investment Research lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Robert W. Baird raised shares of Sonoco Products from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $55.00 to $60.00 in a report on Wednesday, July 19th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Sonoco Products presently has a consensus rating of “Hold” and a consensus target price 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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