Sonoco Products Company (SON) Stake Held by Wharton Business Group LLC
Wharton Business Group LLC continued to hold its position in shares of Sonoco Products Company (NYSE:SON) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 155,925 shares of the industrial products company’s stock at the close of the 2nd quarter. Wharton Business Group LLC owned 0.15% of Sonoco Products worth $8,018,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new stake in shares of Sonoco Products in the first quarter worth about $901,000. Russell Investments Group Ltd. boosted its stake in shares of Sonoco Products by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 96,899 shares of the industrial products company’s stock worth $5,128,000 after buying an additional 7,478 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock worth $110,000 after buying an additional 242 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Sonoco Products by 5.9% in the first quarter. Great West Life Assurance Co. Can now owns 74,539 shares of the industrial products company’s stock worth $3,945,000 after buying an additional 4,183 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Sonoco Products by 3.8% in the first quarter. US Bancorp DE now owns 54,914 shares of the industrial products company’s stock worth $2,906,000 after buying an additional 1,987 shares during the last quarter. Institutional investors and hedge funds own 72.57% of the company’s stock.
A number of analysts have recently commented on the company. 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. Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $55.00 to $60.00 in a research note on Wednesday, July 19th. 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. 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, August 3rd. Finally, Zacks Investment Research downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $52.57.
Shares of Sonoco Products Company (NYSE:SON) traded up 0.08% during trading on Monday, reaching $48.74. The company’s stock had a trading volume of 179,362 shares. The company has a 50 day moving average price of $48.50 and a 200 day moving average price of $51.12. Sonoco Products Company has a 52 week low of $47.10 and a 52 week high of $55.58. The firm has a market capitalization of $4.84 billion, a P/E ratio of 18.50 and a beta of 1.12.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 11th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Wednesday, August 9th. Sonoco Products’s dividend payout ratio is presently 59.09%.
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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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