Wedge Capital Management L L P NC Has $6.85 Million Stock Position in Sonoco Products (NYSE:SON)

Wedge Capital Management L L P NC lessened its holdings in shares of Sonoco Products (NYSE:SONGet Rating) by 9.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,169 shares of the industrial products company’s stock after selling 11,900 shares during the quarter. Wedge Capital Management L L P NC owned 0.12% of Sonoco Products worth $6,854,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State of Alaska Department of Revenue raised its holdings in Sonoco Products by 1.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 14,020 shares of the industrial products company’s stock worth $799,000 after buying an additional 185 shares during the period. GoalVest Advisory LLC raised its holdings in shares of Sonoco Products by 7,926.1% during the second quarter. GoalVest Advisory LLC now owns 14,447 shares of the industrial products company’s stock worth $830,000 after acquiring an additional 14,267 shares during the period. Bank of America Corp DE lifted its position in Sonoco Products by 7.2% in the 1st quarter. Bank of America Corp DE now owns 2,102,026 shares of the industrial products company’s stock valued at $131,503,000 after acquiring an additional 141,562 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Sonoco Products by 2.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,927 shares of the industrial products company’s stock worth $934,000 after purchasing an additional 388 shares during the period. Finally, First National Bank of Omaha increased its holdings in Sonoco Products by 1.8% during the 1st quarter. First National Bank of Omaha now owns 29,458 shares of the industrial products company’s stock worth $1,843,000 after purchasing an additional 516 shares in the last quarter. 78.48% of the stock is currently owned by institutional investors.

Sonoco Products Stock Performance

Shares of SON stock opened at $59.84 on Wednesday. The company has a fifty day moving average price of $62.70 and a two-hundred day moving average price of $60.41. Sonoco Products has a one year low of $51.52 and a one year high of $67.06. The stock has a market cap of $5.83 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.94 and a beta of 0.72. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.36 and a quick ratio of 0.80.

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

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Tuesday, August 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 45.79%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,673 shares of the company’s 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 transaction, the insider now directly owns 5,063 shares in the company, valued at $318,969. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, COO Rodger D. Fuller sold 1,898 shares of the company’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ernest D. Haynes III sold 1,673 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $63.00, for a total value of $105,399.00. Following the transaction, the insider now owns 5,063 shares in the company, valued at approximately $318,969. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

SON has been the topic of a number of research reports. Wells Fargo & Company boosted their price target on Sonoco Products to $67.00 in a report on Friday, July 22nd. TheStreet raised Sonoco Products from a “c+” rating to a “b-” rating in a research report on Thursday, July 21st. Citigroup lifted their price objective on shares of Sonoco Products to $73.00 in a report on Monday, July 25th. Finally, StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Monday, August 8th. One equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $65.57.

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

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

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