FTB Advisors Inc. Sells 13,696 Shares of Sonoco Products Company (SON)
FTB Advisors Inc. decreased its stake in shares of Sonoco Products Company (NYSE:SON) by 84.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,573 shares of the industrial products company’s stock after selling 13,696 shares during the period. FTB Advisors Inc.’s holdings in Sonoco Products were worth $130,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of SON. Marshall Wace North America L.P. bought a new position in Sonoco Products in the 2nd quarter worth about $42,170,000. Renaissance Technologies LLC increased its stake in Sonoco Products by 455.3% in the 2nd quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock worth $41,486,000 after acquiring an additional 661,500 shares during the last quarter. Janus Henderson Group PLC bought a new position in Sonoco Products in the 2nd quarter worth about $33,327,000. American Century Companies Inc. increased its stake in Sonoco Products by 15.7% in the 3rd quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock worth $130,132,000 after acquiring an additional 349,455 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in 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 worth $188,346,000 after acquiring an additional 251,027 shares during the last quarter. 69.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sonoco Products Company (NYSE:SON) traded up $0.23 during trading on Monday, hitting $51.42. The stock had a trading volume of 145,600 shares, compared to its average volume of 534,064. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.59 and a quick ratio of 1.11. The company has a market cap of $5,111.20, a price-to-earnings ratio of 19.19, a PEG ratio of 3.94 and a beta of 1.15. Sonoco Products Company has a 12-month low of $47.10 and a 12-month high of $55.58.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The company’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 EPS. analysts expect that Sonoco Products Company will post 2.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be given 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 3.03%. Sonoco Products’s dividend payout ratio (DPR) is presently 57.35%.
SON has been the topic of a number of research analyst reports. Bank of America Corporation upgraded Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Wednesday, September 6th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Wednesday, August 2nd. Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Jefferies Group LLC restated a “hold” rating and issued a $48.00 target price on shares of Sonoco Products in a research note on Thursday, September 7th. Finally, Robert W. Baird restated a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Sonoco Products has a consensus rating of “Hold” and an average price target of $52.00.
In other news, CFO Barry L. Saunders sold 5,645 shares of the stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $52.39, for a total transaction of $295,741.55. Following the transaction, the chief financial officer now directly owns 60,455 shares in the company, valued at approximately $3,167,237.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marcy J. Thompson sold 565 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,937 shares of company stock worth $363,088 over the last quarter. Corporate insiders own 1.90% of the company’s stock.
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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