Sonoco Products Company (SON) Stake Lowered by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System decreased its holdings in shares of Sonoco Products Company (NYSE:SON) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,500 shares of the industrial products company’s stock after selling 3,410 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.16% of Sonoco Products worth $7,845,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Crossmark Global Holdings Inc. purchased a new position in shares of Sonoco Products during the third quarter worth about $573,000. Speece Thorson Capital Group Inc. grew its holdings in shares of Sonoco Products by 20.0% during the third quarter. Speece Thorson Capital Group Inc. now owns 345,010 shares of the industrial products company’s stock worth $17,406,000 after purchasing an additional 57,507 shares in the last quarter. Pictet Asset Management Ltd. grew its holdings in shares of Sonoco Products by 6,167.4% during the third quarter. Pictet Asset Management Ltd. now owns 125,348 shares of the industrial products company’s stock worth $6,324,000 after purchasing an additional 123,348 shares in the last quarter. First Manhattan Co. grew its holdings in shares of Sonoco Products by 9.3% during the third quarter. First Manhattan Co. now owns 23,855 shares of the industrial products company’s stock worth $1,203,000 after purchasing an additional 2,030 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Sonoco Products during the third quarter worth about $1,261,000. 71.95% of the stock is owned by institutional investors.
In related news, VP Marcy J. Thompson sold 565 shares of the business’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 value of $28,815.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Barry L. Saunders sold 5,645 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the sale, the chief financial officer now owns 60,455 shares of the company’s stock, valued at approximately $3,167,237.45. The disclosure for this sale can be found here. Insiders sold a total of 6,937 shares of company stock valued at $363,088 in the last 90 days. 1.90% of the stock is currently owned by corporate insiders.
Several research analysts have recently commented on the company. Robert W. Baird reissued a “buy” rating and set a $60.00 price objective on shares of Sonoco Products in a report on Friday. Jefferies Group LLC reissued a “hold” rating and set a $48.00 price objective on shares of Sonoco Products in a report on Thursday, August 3rd. BidaskClub lowered Sonoco Products from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Barclays PLC boosted their price objective on Sonoco Products from $48.00 to $49.00 and gave the stock an “underweight” rating in a report on Friday, October 20th. Finally, KeyCorp reissued a “hold” rating on shares of Sonoco Products in a report on Thursday, October 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. Sonoco Products presently has an average rating of “Hold” and a consensus price target of $52.00.
Shares of Sonoco Products Company (SON) opened at $50.74 on Monday. The firm has a market capitalization of $5,043.60, a P/E ratio of 18.93, a P/E/G ratio of 3.89 and a beta of 1.15. Sonoco Products Company has a 12-month low of $47.10 and a 12-month high of $55.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.59 and a quick ratio of 1.11.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. Sonoco Products’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 EPS. analysts expect that Sonoco Products Company will post 2.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be given a $0.39 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.56 dividend on an annualized basis and a yield of 3.07%. Sonoco Products’s payout ratio is 57.35%.
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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