Perigon Wealth Management LLC Acquires New Position in Sonoco Products (NYSE:SON)

Perigon Wealth Management LLC acquired a new stake in shares of Sonoco Products (NYSE:SON) in the fourth quarter, Holdings Channel reports. The firm acquired 6,615 shares of the industrial products company’s stock, valued at approximately $370,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SON. BlackRock Inc. raised its stake in shares of Sonoco Products by 0.7% during the 1st quarter. BlackRock Inc. now owns 11,631,791 shares of the industrial products company’s stock worth $709,539,000 after acquiring an additional 76,945 shares in the last quarter. Vanguard Group Inc. grew its position in Sonoco Products by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock worth $596,205,000 after purchasing an additional 64,047 shares during the last quarter. State Street Corp grew its position in Sonoco Products by 13.4% during the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock worth $515,546,000 after purchasing an additional 972,157 shares during the last quarter. American Century Companies Inc. grew its position in Sonoco Products by 20.2% during the 3rd quarter. American Century Companies Inc. now owns 2,787,019 shares of the industrial products company’s stock worth $151,474,000 after purchasing an additional 467,431 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Sonoco Products by 1.3% during the 2nd quarter. Royal Bank of Canada now owns 2,566,627 shares of the industrial products company’s stock worth $151,481,000 after purchasing an additional 32,230 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.7 %

SON stock opened at $56.16 on Wednesday. The firm’s fifty day simple moving average is $56.95 and its 200-day simple moving average is $55.80. The company has a market capitalization of $5.51 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 2.15 and a beta of 0.68. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.76 and a quick ratio of 1.10. Sonoco Products has a 12 month low of $49.98 and a 12 month high of $63.74.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. During the same period last year, the company earned $1.27 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts forecast that Sonoco Products will post 5.26 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Wednesday, February 28th were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date was Tuesday, February 27th. Sonoco Products’s dividend payout ratio (DPR) is presently 42.50%.

Wall Street Analysts Forecast Growth

SON has been the topic of several research analyst reports. Wells Fargo & Company dropped their target price on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Citigroup dropped their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Finally, TheStreet downgraded shares of Sonoco Products from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Sonoco Products has an average rating of “Moderate Buy” and an average target price of $63.00.

Insider Buying and Selling

In related news, VP Adam Wood sold 537 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the sale, the vice president now directly owns 28,273 shares of the company’s stock, valued at $1,612,691.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Sonoco Products news, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the transaction, the insider now owns 11,988 shares of the company’s stock, valued at $672,047.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Adam Wood sold 537 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the transaction, the vice president now directly owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,076 shares of company stock valued at $749,002. Corporate insiders own 0.51% of the company’s stock.

About Sonoco Products

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.