Public Employees Retirement System of Ohio lifted its position in shares of Sonoco Products Co (NYSE:SON) by 32.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,337 shares of the industrial products company’s stock after purchasing an additional 10,564 shares during the period. Public Employees Retirement System of Ohio’s holdings in Sonoco Products were worth $2,832,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Hennessy Advisors Inc. purchased a new stake in shares of Sonoco Products during the second quarter worth about $3,032,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Sonoco Products by 0.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 142,037 shares of the industrial products company’s stock worth $8,740,000 after buying an additional 1,308 shares during the period. Swiss National Bank lifted its holdings in Sonoco Products by 2.1% in the second quarter. Swiss National Bank now owns 185,700 shares of the industrial products company’s stock worth $12,134,000 after buying an additional 3,800 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Sonoco Products by 121.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 9,886 shares of the industrial products company’s stock worth $606,000 after buying an additional 5,427 shares during the period. Finally, Stephens Inc. AR lifted its holdings in Sonoco Products by 0.9% in the second quarter. Stephens Inc. AR now owns 51,846 shares of the industrial products company’s stock worth $3,388,000 after buying an additional 482 shares during the period. Institutional investors own 73.65% of the company’s stock.
SON has been the subject of several research analyst reports. BMO Capital Markets lowered shares of Sonoco Products from a “market perform” rating to an “underperform” rating and lowered their price objective for the stock from $60.00 to $56.00 in a report on Monday, July 15th. Robert W. Baird set a $70.00 price objective on shares of Sonoco Products and gave the stock a “buy” rating in a report on Friday, July 19th. Goldman Sachs Group lowered shares of Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price objective for the company. in a report on Monday, June 24th. ValuEngine lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday, July 18th. Finally, KeyCorp restated a “hold” rating on shares of Sonoco Products in a report on Thursday, July 18th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $61.17.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 18th. The industrial products company reported $0.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.02). Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the business posted $0.93 EPS. Sonoco Products’s revenue for the quarter was down .5% on a year-over-year basis. Analysts forecast that Sonoco Products Co will post 3.57 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Thursday, August 8th. Sonoco Products’s dividend payout ratio is 51.04%.
In other Sonoco Products news, VP Marcy J. Thompson sold 1,182 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.37, for a total transaction of $72,539.34. Following the completion of the transaction, the vice president now owns 18,938 shares of the company’s stock, valued at $1,162,225.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.
Sonoco Products 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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