Essex Financial Services Inc. Has $1,075,000 Stake in Sonoco Products Co. (SON)
Essex Financial Services Inc. maintained its stake in shares of Sonoco Products Co. (NYSE:SON) during the second quarter, Holdings Channel reports. The firm owned 21,649 shares of the company’s stock at the end of the second quarter. Essex Financial Services Inc.’s holdings in Sonoco Products were worth $1,075,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the stock. Clean Yield Group increased its stake in shares of Sonoco Products by 0.6% in the second quarter. Clean Yield Group now owns 18,000 shares of the company’s stock valued at $894,000 after buying an additional 100 shares in the last quarter. First Midwest Bank Trust Division acquired a new stake in shares of Sonoco Products during the second quarter valued at approximately $432,000. Speece Thorson Capital Group Inc. increased its stake in shares of Sonoco Products by 1.3% in the second quarter. Speece Thorson Capital Group Inc. now owns 399,282 shares of the company’s stock valued at $19,828,000 after buying an additional 5,282 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Sonoco Products during the second quarter valued at approximately $2,589,000. Finally, Meeder Asset Management Inc. increased its stake in shares of Sonoco Products by 29.1% in the second quarter. Meeder Asset Management Inc. now owns 13,306 shares of the company’s stock valued at $661,000 after buying an additional 3,003 shares in the last quarter. Institutional investors and hedge funds own 69.02% of the company’s stock.
Shares of Sonoco Products Co. (NYSE:SON) traded up 0.68% during trading on Friday, reaching $50.43. The company had a trading volume of 312,109 shares. The company’s 50 day moving average is $51.81 and its 200-day moving average is $49.56. Sonoco Products Co. has a 1-year low of $36.56 and a 1-year high of $53.57. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 23.90 and a beta of 1.01.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.05. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. Sonoco Products had a return on equity of 17.66% and a net margin of 4.37%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 earnings per share. On average, equities research analysts anticipate that Sonoco Products Co. will post $2.72 earnings per share for the current year.
A number of research firms have recently issued reports on SON. Bank of America Corp. downgraded Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Monday, October 3rd. They noted that the move was a valuation call. Jefferies Group raised their price target on Sonoco Products from $42.00 to $46.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. Vertical Group downgraded Sonoco Products from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Zacks Investment Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. Finally, Barclays PLC raised their price target on Sonoco Products from $40.00 to $44.00 and gave the stock an “underweight” rating in a research note on Monday, July 25th. Six equities 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 stock. Sonoco Products has an average rating of “Hold” and a consensus price target of $46.25.
In other news, Director John E. Linville sold 33,746 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $51.54, for a total transaction of $1,739,268.84. Following the transaction, the director now directly owns 223,787 shares of the company’s stock, valued at $11,533,981.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Vicki B. Arthur sold 1,721 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $51.00, for a total value of $87,771.00. Following the transaction, the vice president now directly owns 39,753 shares in the company, valued at $2,027,403. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
About Sonoco Products
Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of 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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