Optimal Asset Management Inc. Makes New $608,000 Investment in Sonoco Products (NYSE:SON)

Optimal Asset Management Inc. acquired a new position in Sonoco Products (NYSE:SON) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,600 shares of the industrial products company’s stock, valued at approximately $608,000.

Other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC boosted its holdings in shares of Sonoco Products by 4.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 116,870 shares of the industrial products company’s stock valued at $6,925,000 after acquiring an additional 5,100 shares during the period. Baird Financial Group Inc. bought a new stake in shares of Sonoco Products during the fourth quarter valued at about $213,000. Public Employees Retirement System of Ohio raised its stake in shares of Sonoco Products by 28.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 49,216 shares of the industrial products company’s stock valued at $2,916,000 after purchasing an additional 11,023 shares in the last quarter. LPL Financial LLC raised its stake in shares of Sonoco Products by 10.1% during the fourth quarter. LPL Financial LLC now owns 19,161 shares of the industrial products company’s stock valued at $1,135,000 after purchasing an additional 1,759 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Sonoco Products by 2.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 17,199 shares of the industrial products company’s stock valued at $1,019,000 after purchasing an additional 479 shares in the last quarter. 74.44% of the stock is owned by hedge funds and other institutional investors.

NYSE SON opened at $65.64 on Thursday. The business’s 50-day moving average is $66.98. The company has a current ratio of 1.27, a quick ratio of 0.96 and a debt-to-equity ratio of 0.65. The firm has a market cap of $6.60 billion, a P/E ratio of 19.59, a PEG ratio of 3.67 and a beta of 0.83. Sonoco Products has a 1 year low of $48.20 and a 1 year high of $69.83.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Wednesday, April 21st. The industrial products company reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.32 billion. Sonoco Products had a return on equity of 18.20% and a net margin of 3.77%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. On average, research analysts forecast that Sonoco Products will post 3.6 earnings per share for the current fiscal year.

In other Sonoco Products news, VP James A. Harrell III sold 794 shares of Sonoco Products stock in a transaction dated Wednesday, April 28th. The stock was sold at an average price of $66.00, for a total transaction of $52,404.00. Following the transaction, the vice president now owns 23,370 shares of the company’s stock, valued at approximately $1,542,420. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Rodger D. Fuller sold 7,204 shares of Sonoco Products stock in a transaction dated Wednesday, May 12th. The shares were sold at an average price of $67.95, for a total value of $489,511.80. Following the transaction, the executive vice president now directly owns 83,430 shares in the company, valued at approximately $5,669,068.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,100 shares of company stock worth $752,759. Corporate insiders own 0.56% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Sonoco Products from $61.00 to $63.00 in a research note on Monday, April 19th. Seaport Global Securities reiterated a “neutral” rating on shares of Sonoco Products in a research report on Thursday, April 22nd. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $69.00 price target on shares of Sonoco Products in a research report on Wednesday, April 14th. Seven research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and an average target price of $63.33.

Sonoco Products Profile

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 provides paper 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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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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