TIAA CREF Investment Management LLC Has $9.11 Million Position in Sonoco Products Company (SON)
TIAA CREF Investment Management LLC reduced its position in Sonoco Products Company (NYSE:SON) by 0.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,241 shares of the industrial products company’s stock after selling 381 shares during the period. TIAA CREF Investment Management LLC owned about 0.18% of Sonoco Products worth $9,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of SON. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sonoco Products by 18.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after purchasing an additional 589 shares during the period. Seven Eight Capital LP acquired a new position in shares of Sonoco Products in the 2nd quarter valued at $206,000. Clinton Group Inc. acquired a new position in shares of Sonoco Products in the 1st quarter valued at $208,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Sonoco Products by 8.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,190 shares of the industrial products company’s stock valued at $222,000 after purchasing an additional 342 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Sonoco Products in the 1st quarter valued at $224,000. Hedge funds and other institutional investors own 72.45% of the company’s stock.
SON has been the subject of several analyst reports. Bank of America Corporation boosted their target price on shares of Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a research note on Friday, July 21st. Barclays PLC reiterated an “underweight” rating and issued a $48.00 target price (up from $45.00) on shares of Sonoco Products in a research note on Monday, July 24th. Robert W. Baird reiterated a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research note on Friday, September 1st. BidaskClub upgraded shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Finally, Jefferies Group LLC reiterated a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $51.83.
In other Sonoco Products news, VP Marcy J. Thompson sold 565 shares of the firm’s stock in a transaction 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 the SEC website. 1.90% of the stock is currently owned by company insiders.
Shares of Sonoco Products Company (SON) opened at 51.36 on Friday. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 19.50 and a beta of 1.13. The company has a 50-day moving average of $48.92 and a 200 day moving average of $50.60. Sonoco Products Company has a one year low of $47.10 and a one year high of $55.58.
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 Thomson Reuters’ 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 company earned $0.73 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, equities analysts forecast that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.
The firm also recently announced 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 3.04%. The ex-dividend date was Wednesday, August 9th. Sonoco Products’s dividend payout ratio (DPR) is currently 59.09%.
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Sonoco Products Company 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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