Clinton Group Inc. purchased a new position in Sonoco Products Company (NYSE:SON) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,934 shares of the industrial products company’s stock, valued at approximately $208,000.
Several other hedge funds also recently modified their holdings of SON. Pictet Asset Management Ltd. bought a new stake in shares of Sonoco Products Company during the first quarter worth $106,000. IFP Advisors Inc raised its stake in shares of Sonoco Products Company 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 in the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Sonoco Products Company by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock worth $130,000 after buying an additional 2,000 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in shares of Sonoco Products Company by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock worth $173,000 after buying an additional 336 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Sonoco Products Company during the first quarter worth $216,000. 74.51% of the stock is owned by institutional investors.
Shares of Sonoco Products Company (NYSE:SON) opened at 51.39 on Friday. The company has a market capitalization of $5.11 billion, a P/E ratio of 18.67 and a beta of 1.10. The company has a 50 day moving average of $51.15 and a 200-day moving average of $52.89. Sonoco Products Company has a 12-month low of $45.67 and a 12-month high of $55.58.
Sonoco Products Company (NYSE:SON) last issued its earnings results on Thursday, April 20th. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Sonoco Products Company had a net margin of 5.93% and a return on equity of 17.10%. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. On average, equities analysts anticipate that Sonoco Products Company will post $2.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Friday, May 12th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Wednesday, May 10th. This is a positive change from Sonoco Products Company’s previous quarterly dividend of $0.37. Sonoco Products Company’s dividend payout ratio (DPR) is 56.52%.
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A number of analysts have recently weighed in on SON shares. Zacks Investment Research raised shares of Sonoco Products Company from a “sell” rating to a “hold” rating in a research note on Thursday, March 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $48.00 target price (up from $47.00) on shares of Sonoco Products Company in a report on Sunday, April 23rd. DA Davidson upgraded shares of Sonoco Products Company from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $48.00 to $54.00 in a report on Friday, April 21st. Barclays PLC reiterated an “overweight” rating on shares of Sonoco Products Company in a report on Friday, April 14th. Finally, BidaskClub upgraded shares of Sonoco Products Company from a “strong sell” rating to a “sell” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $46.80.
In related news, VP James A. Harrell III sold 556 shares of Sonoco Products Company stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $54.50, for a total transaction of $30,302.00. Following the transaction, the vice president now owns 13,218 shares of the company’s stock, valued at approximately $720,381. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marcy J. Thompson sold 940 shares of Sonoco Products Company stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $53.28, for a total transaction of $50,083.20. Following the transaction, the vice president now directly owns 8,489 shares in the company, valued at approximately $452,293.92. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
Sonoco Products Company 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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