Westhampton Capital LLC lessened its stake in shares of Sonoco Products Co (NYSE:SON) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 30,907 shares of the industrial products company’s stock after selling 300 shares during the quarter. Sonoco Products comprises about 1.5% of Westhampton Capital LLC’s portfolio, making the stock its 21st largest holding. Westhampton Capital LLC’s holdings in Sonoco Products were worth $1,799,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in SON. APG Asset Management N.V. raised its stake in shares of Sonoco Products by 79.4% during the second quarter. APG Asset Management N.V. now owns 1,960,200 shares of the industrial products company’s stock worth $112,469,000 after purchasing an additional 867,400 shares during the last quarter. Invesco Ltd. raised its stake in shares of Sonoco Products by 12.1% during the second quarter. Invesco Ltd. now owns 4,275,629 shares of the industrial products company’s stock worth $279,369,000 after purchasing an additional 460,426 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Sonoco Products during the second quarter worth approximately $16,280,000. BlackRock Inc. raised its stake in shares of Sonoco Products by 1.8% during the second quarter. BlackRock Inc. now owns 11,511,630 shares of the industrial products company’s stock worth $752,172,000 after purchasing an additional 203,903 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Sonoco Products by 30.6% during the second quarter. Wells Fargo & Company MN now owns 771,886 shares of the industrial products company’s stock worth $50,435,000 after purchasing an additional 181,009 shares during the last quarter. Institutional investors and hedge funds own 73.65% of the company’s stock.
SON stock traded down $0.77 on Thursday, reaching $57.50. 18,960 shares of the company’s stock were exchanged, compared to its average volume of 438,437. The stock has a fifty day moving average of $57.65 and a 200-day moving average of $61.08. Sonoco Products Co has a twelve month low of $50.30 and a twelve month high of $66.57. The firm has a market cap of $5.79 billion, a PE ratio of 17.08, a P/E/G ratio of 3.47 and a beta of 0.89. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.64.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.06. Sonoco Products had a return on equity of 19.55% and a net margin of 5.61%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. Sonoco Products’s quarterly revenue was down .8% on a year-over-year basis. On average, equities research analysts predict that Sonoco Products Co will post 3.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Thursday, November 7th. Sonoco Products’s dividend payout ratio (DPR) is 51.04%.
A number of brokerages recently weighed in on SON. BMO Capital Markets lowered Sonoco Products from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $60.00 to $56.00 in a report on Monday, July 15th. Goldman Sachs Group lowered Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price objective on the stock. in a report on Monday, June 24th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a report on Thursday, July 18th. Bank of America lowered Sonoco Products from a “neutral” rating to an “underperform” rating in a report on Friday, July 12th. Finally, Robert W. Baird set a $70.00 price objective on Sonoco Products and gave the stock a “buy” rating in a report on Friday, July 19th. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $61.17.
In other Sonoco Products news, VP Marcy J. Thompson sold 1,182 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.37, for a total value of $72,539.34. Following the sale, the vice president now owns 18,938 shares of the company’s stock, valued at $1,162,225.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.
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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