Sonoco Products Co (SON) Shares Sold by Salem Investment Counselors Inc.
Salem Investment Counselors Inc. trimmed its stake in shares of Sonoco Products Co (NYSE:SON) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,194 shares of the industrial products company’s stock after selling 1,520 shares during the quarter. Salem Investment Counselors Inc. owned about 0.11% of Sonoco Products worth $5,602,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in SON. Marshall Wace North America L.P. bought a new stake in shares of Sonoco Products in the second quarter valued at about $42,170,000. Renaissance Technologies LLC boosted its position in shares of Sonoco Products by 455.3% in the second quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after acquiring an additional 661,500 shares during the period. Janus Henderson Group PLC bought a new stake in shares of Sonoco Products in the second quarter valued at about $33,327,000. American Century Companies Inc. boosted its position in shares of Sonoco Products by 15.7% in the third quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after acquiring an additional 349,455 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Sonoco Products in the third quarter valued at about $15,695,000. 72.27% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a research report on Sunday, December 3rd. Robert W. Baird reissued a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research report on Friday, November 10th. Barclays boosted their target price on shares of Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Friday, October 20th. Zacks Investment Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Finally, Jefferies Group reissued a “hold” rating and issued a $48.00 target price on shares of Sonoco Products in a research report on Thursday, September 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $52.00.
In related news, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $53.00, for a total value of $38,531.00. Following the completion of the transaction, the senior vice president now owns 33,998 shares of the company’s stock, valued at $1,801,894. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Barry L. Saunders sold 5,645 shares of the business’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the transaction, the chief financial officer now directly owns 60,455 shares of the company’s stock, valued at approximately $3,167,237.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is owned by insiders.
Sonoco Products Co (NYSE SON) traded up $0.02 during mid-day trading on Thursday, reaching $53.73. The company had a trading volume of 524,300 shares, compared to its average volume of 528,045. The firm has a market capitalization of $5,338.82, a P/E ratio of 20.04, a PEG ratio of 4.11 and a beta of 1.15. Sonoco Products Co has a fifty-two week low of $47.10 and a fifty-two week high of $55.77. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. Sonoco Products’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 earnings per share. analysts anticipate that Sonoco Products Co will post 2.8 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 10th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend was Thursday, November 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 57.35%.
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Sonoco Products Company 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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