South Dakota Investment Council Continues to Hold Position in Sonoco Products Company (SON)
South Dakota Investment Council held its position in shares of Sonoco Products Company (NYSE:SON) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,000 shares of the industrial products company’s stock at the end of the 2nd quarter. South Dakota Investment Council’s holdings in Sonoco Products were worth $514,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of SON. Pictet Asset Management Ltd. acquired a new stake in Sonoco Products in the 1st quarter valued at approximately $106,000. Meadow Creek Investment Management LLC increased its position in Sonoco Products by 11.5% in the 1st quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after acquiring an additional 336 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sonoco Products by 18.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after acquiring an additional 589 shares during the period. Clinton Group Inc. acquired a new stake in Sonoco Products in the 1st quarter valued at approximately $208,000. Finally, Cambridge Investment Research Advisors Inc. increased its position in Sonoco Products by 8.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,190 shares of the industrial products company’s stock valued at $222,000 after acquiring an additional 342 shares during the period. Hedge funds and other institutional investors own 72.57% of the company’s stock.
Sonoco Products Company (SON) opened at 48.56 on Friday. Sonoco Products Company has a 12 month low of $47.10 and a 12 month high of $55.58. The stock’s 50 day moving average price is $48.45 and its 200 day moving average price is $50.98. The firm has a market capitalization of $4.83 billion, a PE ratio of 18.44 and a beta of 1.12.
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 the consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. Equities research analysts expect 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 was paid on Friday, September 8th. Shareholders of record on Friday, August 11th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Wednesday, August 9th. Sonoco Products’s payout ratio is 59.09%.
Several analysts recently commented on SON shares. Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research report on Thursday, June 22nd. Bank of America Corporation upgraded Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, September 6th. Robert W. Baird restated a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research report on Friday, September 1st. Jefferies Group LLC restated a “hold” rating and issued a $48.00 target price on shares of Sonoco Products in a research report on Thursday, August 3rd. Finally, Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $52.57.
Sonoco Products Profile
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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