Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Sonoco Products (NYSE:SON)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sonoco Products (NYSE:SON) by 11.9% during the fourth quarter, Holdings Channel reports. The firm owned 20,630 shares of the industrial products company’s stock after acquiring an additional 2,186 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sonoco Products were worth $1,153,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SON. Vanguard Group Inc. increased its stake in shares of Sonoco Products by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock worth $596,205,000 after acquiring an additional 64,047 shares in the last quarter. Foundry Partners LLC raised its holdings in Sonoco Products by 36.6% in the 3rd quarter. Foundry Partners LLC now owns 72,266 shares of the industrial products company’s stock worth $3,928,000 after acquiring an additional 19,354 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in Sonoco Products in the 3rd quarter worth about $624,000. Financial Engines Advisors L.L.C. boosted its holdings in Sonoco Products by 84.8% in the third quarter. Financial Engines Advisors L.L.C. now owns 27,600 shares of the industrial products company’s stock worth $1,500,000 after purchasing an additional 12,661 shares during the last quarter. Finally, Kestra Advisory Services LLC lifted its holdings in Sonoco Products by 14.3% in the third quarter. Kestra Advisory Services LLC now owns 32,499 shares of the industrial products company’s stock valued at $1,766,000 after acquiring an additional 4,058 shares during the period. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

NYSE SON opened at $56.51 on Friday. The company has a market cap of $5.55 billion, a PE ratio of 11.77, a P/E/G ratio of 2.16 and a beta of 0.68. The firm’s 50 day moving average price is $56.93 and its 200-day moving average price is $55.93. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76. Sonoco Products has a 52-week low of $49.98 and a 52-week high of $63.74.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The company 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%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.27 earnings per share. Sell-side analysts forecast that Sonoco Products will post 5.21 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.68%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. Sonoco Products’s dividend payout ratio is presently 42.50%.

Insider Transactions at Sonoco Products

In related news, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 11,988 shares of the company’s stock, valued at $672,047.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $57.53, for a total transaction of $604,065.00. Following the sale, the insider now owns 13,456 shares in the company, valued at $774,123.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction that occurred on 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 directly owns 11,988 shares of the company’s stock, valued at $672,047.28. The disclosure for this sale can be found here. Insiders have sold a total of 13,076 shares of company stock valued at $749,002 in the last 90 days. Insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SON. TheStreet cut Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Citigroup dropped their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, April 4th. Finally, Wells Fargo & Company reduced 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 report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Sonoco Products Profile

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.