Municipal Employees Retirement System of Michigan lifted its position in shares of Sonoco Products Co (NYSE:SON) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,470 shares of the industrial products company’s stock after purchasing an additional 270 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Sonoco Products were worth $1,207,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rothschild & Co. Asset Management US Inc. bought a new stake in Sonoco Products in the 1st quarter valued at $21,761,000. Wells Fargo & Company MN lifted its position in Sonoco Products by 52.8% in the 1st quarter. Wells Fargo & Company MN now owns 590,877 shares of the industrial products company’s stock valued at $36,356,000 after acquiring an additional 204,062 shares in the last quarter. LSV Asset Management lifted its position in Sonoco Products by 14.1% in the 1st quarter. LSV Asset Management now owns 1,216,200 shares of the industrial products company’s stock valued at $74,832,000 after acquiring an additional 149,900 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in Sonoco Products by 236.5% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 154,100 shares of the industrial products company’s stock valued at $9,482,000 after acquiring an additional 108,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Sonoco Products by 6.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,790,540 shares of the industrial products company’s stock valued at $95,129,000 after acquiring an additional 101,969 shares in the last quarter. 74.07% of the stock is currently owned by institutional investors.
SON stock traded down $0.98 during midday trading on Wednesday, hitting $56.02. The company’s stock had a trading volume of 5,260 shares, compared to its average volume of 485,022. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.64. Sonoco Products Co has a twelve month low of $50.30 and a twelve month high of $66.57. The business has a fifty day moving average price of $62.33. The firm has a market cap of $5.87 billion, a PE ratio of 16.65, a P/E/G ratio of 3.53 and a beta of 0.90.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be paid a $0.43 dividend. The ex-dividend date is Thursday, August 8th. This represents a $1.72 annualized dividend and a yield of 3.07%. Sonoco Products’s payout ratio is currently 51.04%.
In other Sonoco Products news, VP Marcy J. Thompson sold 1,182 shares of Sonoco Products stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.37, for a total value of $72,539.34. Following the sale, the vice president now directly owns 18,938 shares in the company, valued at approximately $1,162,225.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.
Several research firms recently commented on SON. Goldman Sachs Group cut shares of Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price objective on the stock. in a research report on Monday, June 24th. Vertical Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. BMO Capital Markets cut shares of Sonoco Products from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $60.00 to $56.00 in a research report on Monday, July 15th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Thursday, July 18th. Finally, Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the company a “hold” rating in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $61.17.
Sonoco Products Company Profile
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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