Sonoco Products Co. (SON) Announces $0.37 Quarterly Dividend
Sonoco Products Co. (NYSE:SON) declared a quarterly dividend on Tuesday, October 18th. Shareholders of record on Friday, November 11th will be given a dividend of 0.37 per share on Friday, December 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.93%.
Sonoco Products (NYSE:SON) traded up 0.14% during trading on Tuesday, hitting $50.64. The company’s stock had a trading volume of 72,047 shares. The company has a 50-day moving average of $51.75 and a 200 day moving average of $49.60. Sonoco Products has a one year low of $36.56 and a one year high of $53.57. The firm has a market cap of $5.08 billion, a PE ratio of 24.00 and a beta of 1.01.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.05. Sonoco Products had a return on equity of 17.66% and a net margin of 4.37%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the company earned $0.68 earnings per share. The company’s revenue was down 3.4% on a year-over-year basis. On average, equities analysts forecast that Sonoco Products will post $2.72 earnings per share for the current year.
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SON has been the topic of a number of recent research reports. Jefferies Group upped their price objective on Sonoco Products from $42.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, July 14th. Deutsche Bank AG set a $42.00 price objective on Sonoco Products and gave the stock a “hold” rating in a research report on Sunday, July 24th. Bank of America Corp. downgraded shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Monday, October 3rd. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Monday, June 27th. Finally, Vertical Group downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Six analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $46.25.
In related news, CEO Mancil J. Sanders sold 16,254 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.00, for a total transaction of $845,208.00. Following the completion of the transaction, the chief executive officer now directly owns 187,296 shares of the company’s stock, valued at $9,739,392. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Linville sold 33,746 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $51.54, for a total transaction of $1,739,268.84. Following the transaction, the director now directly owns 223,787 shares of the company’s stock, valued at $11,533,981.98. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in Sonoco Products by 172.3% in the second quarter. Janney Montgomery Scott LLC now owns 13,170 shares of the company’s stock valued at $654,000 after buying an additional 8,334 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in Sonoco Products by 82,533.3% in the second quarter. O Shaughnessy Asset Management LLC now owns 2,479 shares of the company’s stock valued at $123,000 after buying an additional 2,476 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Sonoco Products during the second quarter valued at about $216,000. Mycio Wealth Partners LLC boosted its position in Sonoco Products by 60.0% in the second quarter. Mycio Wealth Partners LLC now owns 2,400 shares of the company’s stock valued at $119,000 after buying an additional 900 shares in the last quarter. Finally, Reliance Trust Co. of Delaware boosted its position in Sonoco Products by 7.6% in the second quarter. Reliance Trust Co. of Delaware now owns 7,342 shares of the company’s stock valued at $365,000 after buying an additional 518 shares in the last quarter. 68.97% of the stock is owned by hedge funds and other institutional investors.
About Sonoco Products
Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of 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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