Wells Fargo & Company MN trimmed its position in Sonoco Products Co (NYSE:SON) by 33.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 296,280 shares of the industrial products company’s stock after selling 146,499 shares during the quarter. Wells Fargo & Company MN owned approximately 0.30% of Sonoco Products worth $15,744,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in SON. Janus Henderson Group PLC increased its position in Sonoco Products by 56.1% in the third quarter. Janus Henderson Group PLC now owns 1,011,830 shares of the industrial products company’s stock worth $51,047,000 after purchasing an additional 363,692 shares during the period. Point72 Asset Management L.P. acquired a new stake in Sonoco Products in the third quarter worth about $15,695,000. Allianz Asset Management GmbH increased its position in Sonoco Products by 743.7% in the third quarter. Allianz Asset Management GmbH now owns 235,196 shares of the industrial products company’s stock worth $11,865,000 after purchasing an additional 207,320 shares during the period. Stifel Financial Corp increased its position in Sonoco Products by 376.8% in the third quarter. Stifel Financial Corp now owns 166,379 shares of the industrial products company’s stock worth $8,393,000 after purchasing an additional 131,485 shares during the period. Finally, Columbus Macro LLC acquired a new stake in Sonoco Products in the fourth quarter worth about $4,810,000. Hedge funds and other institutional investors own 70.72% of the company’s stock.
A number of brokerages recently commented on SON. Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Monday, February 26th. TheStreet lowered Sonoco Products from a “b” rating to a “c+” rating in a research report on Friday, February 16th. Barclays upgraded Sonoco Products from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $49.00 to $55.00 in a research report on Friday, December 15th. Finally, KeyCorp restated a “hold” rating on shares of Sonoco Products in a research report on Sunday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Sonoco Products has a consensus rating of “Hold” and a consensus target price of $53.29.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, February 15th. The industrial products company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a return on equity of 16.63% and a net margin of 3.48%. Sonoco Products’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 earnings per share. equities research analysts predict that Sonoco Products Co will post 3.2 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.56 annualized dividend and a dividend yield of 3.18%. Sonoco Products’s payout ratio is currently 89.66%.
About Sonoco Products
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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