Wedmont Private Capital Invests $352,000 in Sonoco Products (NYSE:SON)

Wedmont Private Capital acquired a new position in Sonoco Products (NYSE:SONGet Rating) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,178 shares of the industrial products company’s stock, valued at approximately $352,000.

A number of other hedge funds also recently made changes to their positions in SON. Rhumbline Advisers lifted its position in shares of Sonoco Products by 2.0% in the fourth quarter. Rhumbline Advisers now owns 270,117 shares of the industrial products company’s stock worth $15,637,000 after buying an additional 5,287 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Sonoco Products in the fourth quarter worth about $252,000. Charles Schwab Investment Management Inc. lifted its position in shares of Sonoco Products by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,559,787 shares of the industrial products company’s stock worth $90,296,000 after buying an additional 36,679 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Sonoco Products by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 1,354,473 shares of the industrial products company’s stock worth $78,410,000 after buying an additional 49,129 shares in the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Sonoco Products by 2,609.7% in the fourth quarter. Schroder Investment Management Group now owns 147,028 shares of the industrial products company’s stock worth $8,512,000 after buying an additional 141,602 shares in the last quarter. 78.48% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Trading Up 2.9 %

Shares of NYSE SON opened at $61.51 on Tuesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.80 and a current ratio of 1.36. The business’s 50 day moving average price is $62.65 and its 200-day moving average price is $60.41. Sonoco Products has a fifty-two week low of $51.52 and a fifty-two week high of $67.06. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.89 and a beta of 0.72.

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

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a $0.49 dividend. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $1.96 annualized dividend and a yield of 3.19%. Sonoco Products’s dividend payout ratio (DPR) is currently 45.79%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SON. Citigroup upped their price objective on Sonoco Products to $73.00 in a research report on Monday, July 25th. StockNews.com downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research report on Monday, August 8th. TheStreet upgraded Sonoco Products from a “c+” rating to a “b-” rating in a research report on Thursday, July 21st. Finally, Wells Fargo & Company upped their price objective on Sonoco Products to $67.00 in a research report on Friday, July 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and an average target price of $65.57.

Insider Buying and Selling

In related news, COO Rodger D. Fuller sold 1,898 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $62.53, for a total value of $118,681.94. Following the transaction, the chief operating officer now owns 83,818 shares of the company’s stock, valued at $5,241,139.54. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sonoco Products news, COO Rodger D. Fuller sold 1,898 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $62.53, for a total transaction of $118,681.94. Following the sale, the chief operating officer now owns 83,818 shares of the company’s stock, valued at approximately $5,241,139.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $105,399.00. Following the sale, the insider now directly owns 5,063 shares in the company, valued at approximately $318,969. The disclosure for this sale can be found here. 0.47% of the stock is owned by insiders.

About Sonoco Products

(Get Rating)

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.

See Also

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

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