Park Avenue Securities LLC acquired a new stake in shares of Sonoco Products Co (NYSE:SON) during the first quarter, HoldingsChannel.com reports. The fund acquired 12,352 shares of the industrial products company’s stock, valued at approximately $767,000.
Other large investors also recently made changes to their positions in the company. Hirtle Callaghan & Co LLC bought a new stake in shares of Sonoco Products in the fourth quarter worth about $35,000. Parallel Advisors LLC boosted its position in Sonoco Products by 102.4% during the 1st quarter. Parallel Advisors LLC now owns 755 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 382 shares in the last quarter. Tributary Capital Management LLC bought a new stake in Sonoco Products during the 4th quarter valued at approximately $46,000. Flagship Harbor Advisors LLC boosted its position in Sonoco Products by 54.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock valued at $59,000 after acquiring an additional 339 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its position in Sonoco Products by 40.5% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,137 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 328 shares in the last quarter. 74.53% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Roger P. Schrum sold 812 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total transaction of $50,547.00. Following the completion of the transaction, the vice president now directly owns 7,938 shares in the company, valued at $494,140.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Barry L. Saunders sold 5,547 shares of Sonoco Products stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $59.68, for a total transaction of $331,044.96. Following the transaction, the chief financial officer now owns 77,719 shares of the company’s stock, valued at $4,638,269.92. The disclosure for this sale can be found here. Insiders have sold 33,210 shares of company stock valued at $2,004,004 over the last quarter. Company insiders own 1.30% of the company’s stock.
Several analysts have weighed in on SON shares. Wells Fargo & Co reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Thursday, February 14th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Thursday, February 14th. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Wednesday, April 24th. Finally, Vertical Research cut Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $59.40.
Sonoco Products stock opened at $63.23 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66. The company has a market cap of $6.41 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 3.83 and a beta of 1.01. Sonoco Products Co has a fifty-two week low of $50.30 and a fifty-two week high of $64.46.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.05. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business earned $0.74 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. As a group, analysts forecast that Sonoco Products Co will post 3.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 2.72%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. The ex-dividend date is Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 48.66%.
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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.
Further Reading: Calculating net profit and net profit margin ratio
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