Strs Ohio Raises Stock Holdings in Sonoco Products (NYSE:SON)

Strs Ohio lifted its stake in Sonoco Products (NYSE:SON) by 8.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,461 shares of the industrial products company’s stock after buying an additional 3,154 shares during the quarter. Strs Ohio’s holdings in Sonoco Products were worth $2,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Sonoco Products by 0.7% during the 1st quarter. BlackRock Inc. now owns 11,631,791 shares of the industrial products company’s stock worth $709,539,000 after acquiring an additional 76,945 shares during the period. Vanguard Group Inc. increased its stake in shares of Sonoco Products by 0.6% in the third quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock worth $596,205,000 after purchasing an additional 64,047 shares in the last quarter. State Street Corp raised its position in shares of Sonoco Products by 13.4% during the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock valued at $515,546,000 after purchasing an additional 972,157 shares during the period. American Century Companies Inc. lifted its stake in shares of Sonoco Products by 20.2% during the 3rd quarter. American Century Companies Inc. now owns 2,787,019 shares of the industrial products company’s stock valued at $151,474,000 after buying an additional 467,431 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Sonoco Products by 1.3% in the 2nd quarter. Royal Bank of Canada now owns 2,566,627 shares of the industrial products company’s stock worth $151,481,000 after buying an additional 32,230 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Up 1.3 %

SON opened at $57.11 on Friday. The company has a market capitalization of $5.60 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The firm has a 50-day simple moving average of $56.93 and a two-hundred day simple moving average of $55.82. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. Sonoco Products has a 52 week low of $49.98 and a 52 week high of $63.74.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. Sonoco Products’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 earnings per share. Analysts forecast that Sonoco Products will post 5.26 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.64%. Sonoco Products’s dividend payout ratio (DPR) is 42.50%.

Insider Buying and Selling

In other Sonoco Products news, VP Adam Wood sold 537 shares of Sonoco Products stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the transaction, the vice president now directly owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the sale, the vice president now directly owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of Sonoco Products stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the completion of the transaction, the insider now owns 11,988 shares of the company’s stock, valued at approximately $672,047.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,076 shares of company stock worth $749,002. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SON shares. Citigroup decreased their price target on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Wells Fargo & Company decreased their target price on Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 20th. Finally, TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Sonoco Products Profile

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.