Sonoco Products Company (SON) Stake Decreased by Russell Investments Group Ltd.
Russell Investments Group Ltd. cut its stake in Sonoco Products Company (NYSE:SON) by 36.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 61,614 shares of the industrial products company’s stock after selling 35,285 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of Sonoco Products worth $3,168,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SON. BlackRock Inc. raised its stake in shares of Sonoco Products by 5,164.3% in the first quarter. BlackRock Inc. now owns 11,100,154 shares of the industrial products company’s stock valued at $587,419,000 after buying an additional 10,889,296 shares during the period. Vanguard Group Inc. raised its stake in shares of Sonoco Products by 15.5% in the first quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock valued at $503,591,000 after buying an additional 1,280,470 shares during the period. American Century Companies Inc. raised its stake in shares of Sonoco Products by 21.4% in the first quarter. American Century Companies Inc. now owns 1,971,998 shares of the industrial products company’s stock valued at $104,358,000 after buying an additional 347,375 shares during the period. AQR Capital Management LLC raised its stake in shares of Sonoco Products by 18.2% in the first quarter. AQR Capital Management LLC now owns 1,234,161 shares of the industrial products company’s stock valued at $65,311,000 after buying an additional 190,402 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Sonoco Products by 448.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 206,785 shares of the industrial products company’s stock valued at $10,943,000 after buying an additional 169,061 shares during the period. 72.57% of the stock is owned by institutional investors.
Shares of Sonoco Products Company (SON) traded down 0.25% during midday trading on Tuesday, hitting $47.65. The stock had a trading volume of 175,561 shares. Sonoco Products Company has a one year low of $47.10 and a one year high of $55.58. The firm’s 50-day moving average price is $49.46 and its 200-day moving average price is $51.49. The firm has a market capitalization of $4.74 billion, a PE ratio of 18.09 and a beta of 1.12.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the business posted $0.73 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts predict that Sonoco Products Company will post $2.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 dividend on an annualized basis and a yield of 3.27%. Sonoco Products’s payout ratio is currently 59.09%.
Several brokerages have recently weighed in on SON. Jefferies Group LLC restated a “hold” rating and issued a $48.00 price objective on shares of Sonoco Products in a report on Thursday, August 3rd. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price objective for the company in a report on Wednesday, August 2nd. BidaskClub lowered Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. 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 report on Monday, July 24th. Finally, Bank of America Corporation upped their price objective on Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a report on Friday, July 21st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Sonoco Products has a consensus rating of “Hold” and a consensus target price of $52.57.
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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