Sonoco Products (NYSE:SON) Stock Holdings Cut by Texas Permanent School Fund

Texas Permanent School Fund lessened its stake in shares of Sonoco Products (NYSE:SONGet Rating) by 2.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 69,709 shares of the industrial products company’s stock after selling 1,491 shares during the period. Texas Permanent School Fund owned about 0.07% of Sonoco Products worth $4,361,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC acquired a new stake in shares of Sonoco Products during the 4th quarter valued at $27,000. UMB Bank N A MO acquired a new stake in shares of Sonoco Products during the 4th quarter valued at $54,000. Norwood Financial Corp acquired a new stake in shares of Sonoco Products during the 4th quarter valued at $78,000. Confluence Wealth Services Inc. acquired a new stake in shares of Sonoco Products during the 4th quarter valued at $99,000. Finally, Dixon Hughes Goodman Wealth Advisors LLC lifted its position in shares of Sonoco Products by 400.0% during the 1st quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 1,750 shares of the industrial products company’s stock valued at $109,000 after acquiring an additional 1,400 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their target price on Sonoco Products from $63.00 to $65.00 in a report on Monday, April 18th. Seaport Res Ptn lowered Sonoco Products from a “buy” rating to a “neutral” rating in a report on Friday, April 22nd. Wells Fargo & Company increased their target price on Sonoco Products to $67.00 in a report on Friday, July 22nd. TheStreet upgraded Sonoco Products from a “c+” rating to a “b-” rating in a report on Thursday, July 21st. Finally, Citigroup increased their target price on Sonoco Products to $73.00 in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and a consensus target price of $65.57.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,673 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $63.00, for a total transaction of $105,399.00. Following the transaction, the insider now directly owns 5,063 shares of the company’s stock, valued at $318,969. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Ernest D. Haynes III sold 1,673 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $63.00, for a total value of $105,399.00. Following the sale, the insider now directly owns 5,063 shares of the company’s stock, valued at $318,969. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Rodger D. Fuller sold 1,898 shares of the firm’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $62.53, for a total value of $118,681.94. Following the completion of the sale, the chief operating officer now directly owns 83,818 shares in the company, valued at $5,241,139.54. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $61.12 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 1.41. Sonoco Products has a 1 year low of $51.52 and a 1 year high of $67.06. The business has a fifty day simple moving average of $58.45 and a 200 day simple moving average of $58.97. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 1.97 and a beta of 0.73.

Sonoco Products (NYSE:SONGet Rating) last posted its earnings results on Thursday, July 21st. The industrial products company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.67 by $0.09. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.91 billion. Sonoco Products had a net margin of 6.47% and a return on equity of 28.33%. The business’s quarterly revenue was up 38.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 earnings per share. As a group, sell-side analysts predict that Sonoco Products will post 6.33 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th will be given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, August 9th. Sonoco Products’s payout ratio is 45.79%.

Sonoco Products Company Profile

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Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging. The Consumer Packaging segment round and shaped rigid paper containers; metal and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and global brand artwork management.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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