Curbstone Financial Management Corp Boosts Holdings in Sonoco Products Company (SON)
Curbstone Financial Management Corp boosted its position in shares of Sonoco Products Company (NYSE:SON) by 99.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,800 shares of the industrial products company’s stock after buying an additional 14,875 shares during the quarter. Curbstone Financial Management Corp’s holdings in Sonoco Products were worth $1,503,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Sonoco Products by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock worth $490,835,000 after buying an additional 29,532 shares in the last quarter. State Street Corp lifted its stake in shares of Sonoco Products by 1.2% in the 2nd quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after purchasing an additional 77,004 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Sonoco Products by 7.4% in the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after purchasing an additional 251,027 shares during the period. American Century Companies Inc. lifted its stake in shares of Sonoco Products by 13.1% in the 2nd quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after purchasing an additional 257,969 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Sonoco Products by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,350,804 shares of the industrial products company’s stock valued at $69,458,000 after purchasing an additional 8,370 shares during the period. 72.46% of the stock is currently owned by hedge funds and other institutional investors.
Sonoco Products Company (SON) traded down 0.06% during trading on Wednesday, reaching $51.37. The company’s stock had a trading volume of 98,192 shares. The company has a market cap of $5.11 billion, a P/E ratio of 19.50 and a beta of 1.13. Sonoco Products Company has a 12 month low of $47.10 and a 12 month high of $55.58. The stock’s 50-day moving average is $49.49 and its 200 day moving average is $50.48.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the consensus estimate of $0.71. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business earned $0.73 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.39 per share. The ex-dividend date is Thursday, November 9th. This represents a $1.56 annualized dividend and a dividend yield of 3.04%. Sonoco Products’s dividend payout ratio is currently 59.09%.
SON has been the topic of a number of analyst reports. Jefferies Group LLC reissued a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Robert W. Baird raised Sonoco Products from a “neutral” rating to an “outperform” rating and increased their price target for the company from $55.00 to $60.00 in a research note on Wednesday, July 19th. Vertical Research downgraded Sonoco Products from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Bank of America Corporation upped their price objective on shares of Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a research report on Friday, July 21st. Finally, Barclays PLC restated an “underweight” rating and issued a $48.00 price objective (up previously from $45.00) on shares of Sonoco Products in a research report on Monday, July 24th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $51.83.
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In other news, VP Marcy J. Thompson sold 565 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $51.00, for a total transaction of $28,815.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.90% of the stock is currently owned by corporate insiders.
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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