BlackRock Inc. increased its stake in shares of Sonoco Products Co (NYSE:SON) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,511,630 shares of the industrial products company’s stock after buying an additional 203,903 shares during the period. BlackRock Inc. owned about 11.50% of Sonoco Products worth $752,172,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in SON. Park National Corp OH purchased a new stake in Sonoco Products during the second quarter worth about $209,000. First National Bank of Omaha boosted its holdings in Sonoco Products by 2.6% during the second quarter. First National Bank of Omaha now owns 46,493 shares of the industrial products company’s stock worth $3,038,000 after buying an additional 1,190 shares in the last quarter. Country Trust Bank purchased a new stake in Sonoco Products during the second quarter worth about $79,000. Hennessy Advisors Inc. purchased a new stake in Sonoco Products during the second quarter worth about $3,032,000. Finally, Ridgewood Investments LLC purchased a new stake in Sonoco Products during the second quarter worth about $208,000. 73.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE SON opened at $58.74 on Friday. Sonoco Products Co has a 12-month low of $50.30 and a 12-month high of $66.57. The company has a market capitalization of $5.83 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 3.66 and a beta of 0.88. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.20 and a quick ratio of 0.82. The firm’s 50-day moving average is $57.84 and its two-hundred day moving average is $60.65.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.06. Sonoco Products had a net margin of 5.99% and a return on equity of 20.08%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, analysts forecast that Sonoco Products Co will post 3.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, November 7th. Sonoco Products’s dividend payout ratio is presently 51.04%.
SON has been the topic of several recent research reports. ValuEngine raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday, November 1st. BMO Capital Markets raised shares of Sonoco Products from an “underperform” rating to a “market perform” rating and set a $56.00 price target on the stock in a report on Friday, October 18th. Robert W. Baird reduced their price target on shares of Sonoco Products from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Bank of America downgraded shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a report on Friday, July 12th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a report on Thursday, July 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. Sonoco Products currently has a consensus rating of “Hold” and an average target price of $60.33.
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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