Sonoco Products Co (NYSE:SON) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 3,311,100 shares, a drop of 7.9% from the July 31st total of 3,595,000 shares. Approximately 3.4% of the shares of the company are sold short. Based on an average trading volume of 452,000 shares, the short-interest ratio is currently 7.3 days.
In other Sonoco Products news, VP Marcy J. Thompson sold 1,182 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.37, for a total value of $72,539.34. Following the transaction, the vice president now directly owns 18,938 shares in the company, valued at $1,162,225.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of SON. Dimensional Fund Advisors LP grew its stake in Sonoco Products by 6.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,790,540 shares of the industrial products company’s stock valued at $95,129,000 after acquiring an additional 101,969 shares in the last quarter. Geode Capital Management LLC grew its stake in Sonoco Products by 6.7% during the fourth quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock valued at $52,284,000 after acquiring an additional 61,583 shares in the last quarter. Parallel Advisors LLC grew its stake in Sonoco Products by 102.4% during the first 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. Crossmark Global Holdings Inc. grew its stake in Sonoco Products by 3.3% during the first quarter. Crossmark Global Holdings Inc. now owns 8,995 shares of the industrial products company’s stock valued at $553,000 after acquiring an additional 290 shares in the last quarter. Finally, Systematic Financial Management LP purchased a new position in Sonoco Products during the first quarter valued at $2,000,000. 74.12% of the stock is owned by institutional investors.
Several brokerages have recently commented on SON. Robert W. Baird set a $70.00 price objective on shares of Sonoco Products and gave the company a “buy” rating in a research report on Friday, July 19th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research report on Thursday, July 18th. Goldman Sachs Group downgraded shares of Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price objective on the stock. in a research report on Monday, June 24th. BMO Capital Markets downgraded shares of Sonoco Products from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $60.00 to $56.00 in a research report on Monday, July 15th. Finally, Bank of America downgraded shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a research report on Friday, July 12th. Four analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $61.17.
Shares of SON stock traded down $0.06 on Friday, hitting $59.29. 338,891 shares of the stock traded hands, compared to its average volume of 471,959. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 3.47 and a beta of 0.90. Sonoco Products has a 52 week low of $50.30 and a 52 week high of $66.57. The firm has a 50 day simple moving average of $57.98 and a two-hundred day simple moving average of $61.29. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.24 and a quick ratio of 0.84.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.02). The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.42 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The firm’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 earnings per share. Sell-side analysts forecast that Sonoco Products will post 3.57 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were paid a dividend of $0.43 per share. The ex-dividend date was Thursday, August 8th. This represents a $1.72 annualized dividend and a yield of 2.90%. Sonoco Products’s payout ratio is 51.04%.
About Sonoco Products
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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