Balyasny Asset Management LLC Cuts Stock Position in Sonoco Products Co (NYSE:SON)
Balyasny Asset Management LLC lessened its stake in shares of Sonoco Products Co (NYSE:SON) by 78.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,338 shares of the industrial products company’s stock after selling 22,678 shares during the period. Balyasny Asset Management LLC’s holdings in Sonoco Products were worth $331,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV purchased a new position in shares of Sonoco Products in the 2nd quarter worth about $37,000. Ameritas Investment Company LLC bought a new position in shares of Sonoco Products in the first quarter worth approximately $39,000. Fifth Third Bancorp grew its holdings in shares of Sonoco Products by 46.3% during the first quarter. Fifth Third Bancorp now owns 1,984 shares of the industrial products company’s stock valued at $92,000 after buying an additional 628 shares during the last quarter. Ellevest Inc. increased its position in shares of Sonoco Products by 524.0% during the second quarter. Ellevest Inc. now owns 1,797 shares of the industrial products company’s stock valued at $94,000 after acquiring an additional 1,509 shares in the last quarter. Finally, Leelyn Smith LLC lifted its position in Sonoco Products by 56.7% in the 2nd quarter. Leelyn Smith LLC now owns 1,990 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 720 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on SON. Argus cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. TheStreet raised Sonoco Products from a “c+” rating to a “b-” rating in a research report on Wednesday, June 17th. Wells Fargo & Company raised shares of Sonoco Products from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $48.00 to $60.00 in a report on Thursday, May 21st. Zacks Investment Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating and set a $52.00 price objective for the company. in a report on Friday, May 22nd. Finally, KeyCorp restated a “hold” rating on shares of Sonoco Products in a report on Thursday, July 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $54.57.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 16th. The industrial products company reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.02. Sonoco Products had a return on equity of 19.35% and a net margin of 5.23%. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.95 EPS. Sonoco Products’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities analysts forecast that Sonoco Products Co will post 3.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Friday, August 7th. Sonoco Products’s payout ratio is 48.73%.
In other Sonoco Products news, EVP Rodger D. Fuller sold 5,638 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $54.95, for a total value of $309,808.10. Following the completion of the transaction, the executive vice president now directly owns 73,674 shares in the company, valued at $4,048,386.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.58% of the stock is owned by insiders.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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