Royce & Associates LP Acquires 26,168 Shares of Sonoco Products Co (SON)
Royce & Associates LP lifted its position in shares of Sonoco Products Co (NYSE:SON) by 9.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 301,712 shares of the industrial products company’s stock after acquiring an additional 26,168 shares during the period. Royce & Associates LP owned 0.30% of Sonoco Products worth $16,745,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Sonoco Products by 1.4% during the third quarter. BlackRock Inc. now owns 10,995,170 shares of the industrial products company’s stock worth $610,232,000 after acquiring an additional 146,538 shares during the last quarter. Bank of America Corp DE grew its position in Sonoco Products by 5.3% in the 2nd quarter. Bank of America Corp DE now owns 2,180,081 shares of the industrial products company’s stock valued at $114,454,000 after buying an additional 110,017 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Sonoco Products by 17.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,688,571 shares of the industrial products company’s stock valued at $93,715,000 after buying an additional 252,000 shares in the last quarter. Bank of New York Mellon Corp grew its position in Sonoco Products by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,385,579 shares of the industrial products company’s stock valued at $76,899,000 after buying an additional 17,255 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Sonoco Products by 70.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,353,680 shares of the industrial products company’s stock valued at $75,129,000 after buying an additional 561,395 shares in the last quarter. Institutional investors and hedge funds own 72.25% of the company’s stock.
In other Sonoco Products news, VP Marcy J. Thompson sold 693 shares of the company’s stock in a transaction dated Monday, October 22nd. The shares were sold at an average price of $55.00, for a total value of $38,115.00. Following the completion of the sale, the vice president now directly owns 15,410 shares of the company’s stock, valued at approximately $847,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James A. Harrell III sold 734 shares of the company’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $57.00, for a total transaction of $41,838.00. Following the completion of the sale, the vice president now directly owns 13,881 shares of the company’s stock, valued at $791,217. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 18th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.06. Sonoco Products had a net margin of 4.53% and a return on equity of 18.42%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the prior year, the firm posted $0.76 EPS. Sonoco Products’s revenue was up 3.0% compared to the same quarter last year. Equities research analysts expect that Sonoco Products Co will post 3.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Thursday, November 8th. Sonoco Products’s payout ratio is 58.78%.
SON has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday, October 5th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research report on Thursday, October 18th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.80.
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About Sonoco Products
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 offers composite 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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