BlueCrest Capital Management Ltd Grows Position in Sonoco Products Company (SON)
BlueCrest Capital Management Ltd increased its stake in shares of Sonoco Products Company (NYSE:SON) by 552.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,313 shares of the industrial products company’s stock after buying an additional 31,597 shares during the quarter. BlueCrest Capital Management Ltd’s holdings in Sonoco Products were worth $1,919,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harfst & Associates Inc. purchased a new position in shares of Sonoco Products during the second quarter worth about $126,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sonoco Products by 18.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock worth $193,000 after buying an additional 589 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Sonoco Products during the second quarter worth about $206,000. Clinton Group Inc. purchased a new position in shares of Sonoco Products during the first quarter worth about $208,000. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Sonoco Products during the second quarter worth about $220,000. 72.46% of the stock is currently owned by hedge funds and other institutional investors.
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A number of equities analysts recently issued reports on the company. Jefferies Group LLC reissued a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a report on Thursday, August 3rd. BidaskClub lowered Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Vertical Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Finally, Barclays PLC reaffirmed an “underweight” rating and issued a $48.00 price objective (up previously from $45.00) on shares of Sonoco Products in a report on Monday, July 24th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $51.83.
In other news, VP Marcy J. Thompson sold 565 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.
Sonoco Products Company (SON) traded up 0.66% during midday trading on Thursday, hitting $51.47. 21,373 shares of the stock were exchanged. The firm’s 50-day moving average is $49.20 and its 200 day moving average is $50.53. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 19.54 and a beta of 1.13. Sonoco Products Company has a 52 week low of $47.10 and a 52 week high of $55.58.
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, meeting the consensus estimate of $0.71. The business 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 was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $0.73 earnings per share. Equities research analysts expect that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
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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