Clinton Group Inc. Grows Holdings in Sonoco Products Company (SON)
Clinton Group Inc. grew its position in shares of Sonoco Products Company (NYSE:SON) by 544.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,356 shares of the industrial products company’s stock after purchasing an additional 21,422 shares during the period. Clinton Group Inc.’s holdings in Sonoco Products were worth $1,304,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SON. Harfst & Associates Inc. acquired a new position in Sonoco Products during the second quarter worth $126,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in 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 purchasing an additional 589 shares in the last quarter. Seven Eight Capital LP acquired a new position in Sonoco Products during the second quarter worth $206,000. Tudor Investment Corp ET AL acquired a new position in Sonoco Products during the second quarter worth $220,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Sonoco Products by 8.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,190 shares of the industrial products company’s stock worth $222,000 after purchasing an additional 342 shares in the last quarter. Institutional investors own 72.45% of the company’s stock.
SON has been the topic of a number of research reports. BidaskClub upgraded Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Jefferies Group LLC restated a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $55.00 to $60.00 in a research note on Wednesday, July 19th. Vertical Research cut Sonoco Products from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Finally, Bank of America Corporation increased their price objective on Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a research note on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $51.83.
In related news, VP Marcy J. Thompson sold 565 shares of Sonoco Products stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total transaction of $28,815.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.
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Shares of Sonoco Products Company (NYSE SON) opened at 51.195 on Thursday. The stock has a 50 day moving average price of $48.79 and a 200 day moving average price of $50.62. The firm has a market capitalization of $5.09 billion, a PE ratio of 19.436 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 earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.71. The business had revenue of $1.24 billion for 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%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.73 EPS. Equities analysts forecast 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. Investors of record on Friday, August 11th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.56 annualized dividend and a dividend yield of 3.05%. Sonoco Products’s payout ratio is 59.09%.
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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