Raymond James Financial Services Advisors Inc. Boosts Position in Sonoco Products Company (SON)
Raymond James Financial Services Advisors Inc. raised its position in Sonoco Products Company (NYSE:SON) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,568 shares of the industrial products company’s stock after acquiring an additional 338 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Sonoco Products were worth $492,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Harfst & Associates Inc. acquired a new stake in Sonoco Products in the second quarter valued at approximately $126,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Sonoco Products by 18.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after acquiring an additional 589 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Sonoco Products in the second quarter valued at approximately $206,000. Tudor Investment Corp ET AL acquired a new stake in Sonoco Products in the second quarter valued at approximately $220,000. Finally, Jane Street Group LLC acquired a new stake in Sonoco Products in the first quarter valued at approximately $224,000. 71.81% of the stock is owned by institutional investors.
Several analysts have issued reports on SON shares. Robert W. Baird raised shares of Sonoco Products from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $55.00 to $60.00 in a research report on Wednesday, July 19th. Vertical Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Bank of America Corporation increased 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. 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 report on Monday, July 24th. Finally, BidaskClub downgraded shares of Sonoco Products from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $52.00.
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Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company earned $0.72 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis.
The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.02%. Sonoco Products’s dividend payout ratio (DPR) is presently 57.35%.
In other news, VP Marcy J. Thompson sold 565 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was 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 Securities & Exchange Commission, which is available through the SEC website. Also, CFO Barry L. Saunders sold 5,645 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total value of $295,741.55. Following the transaction, the chief financial officer now owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,937 shares of company stock valued at $363,088. Corporate insiders own 1.90% of the company’s stock.
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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