Bbva Compass Bancshares Inc. Cuts Stake in Sonoco Products Company (NYSE:SON)
Bbva Compass Bancshares Inc. cut its position in Sonoco Products Company (NYSE:SON) by 7.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,356 shares of the industrial products company’s stock after selling 407 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Sonoco Products were worth $276,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in SON. Pictet Asset Management Ltd. acquired a new stake in shares of Sonoco Products during the first quarter worth about $106,000. IFP Advisors Inc boosted its stake in shares of Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock worth $110,000 after buying an additional 242 shares during the period. Cranbrook Wealth Management LLC boosted its stake in shares of Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock worth $130,000 after buying an additional 2,000 shares during the period. Meadow Creek Investment Management LLC boosted its stake in shares of Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock worth $173,000 after buying an additional 336 shares during the period. Finally, Clinton Group Inc. acquired a new stake in shares of Sonoco Products during the first quarter worth about $208,000. 73.92% of the stock is owned by institutional investors and hedge funds.
Shares of Sonoco Products Company (NYSE SON) opened at 48.62 on Thursday. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 18.46 and a beta of 1.12. Sonoco Products Company has a 12-month low of $48.41 and a 12-month high of $55.58. The company’s 50-day moving average is $50.48 and its 200-day moving average is $52.04.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, hitting the consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. Sonoco Products’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 earnings per share. Analysts predict that Sonoco Products Company will post $2.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.21%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s payout ratio is 59.09%.
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A number of equities research analysts have recently issued reports on the stock. DA Davidson raised shares of Sonoco Products from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $48.00 to $54.00 in a research note on Friday, April 21st. BidaskClub raised shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. 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 research note on Monday, July 24th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $48.00 price objective (up previously from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. Finally, Zacks Investment Research cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Three research 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. Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $52.57.
About Sonoco Products
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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