Sonoco Products (NYSE:SON) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its position in shares of Sonoco Products (NYSE:SON) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 277,433 shares of the industrial products company’s stock after selling 10,235 shares during the period. New York State Common Retirement Fund’s holdings in Sonoco Products were worth $15,500,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Sonoco Products by 1,231.2% in the 3rd quarter. FMR LLC now owns 694,263 shares of the industrial products company’s stock valued at $37,733,000 after purchasing an additional 642,109 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of 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 acquiring an additional 467,431 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Sonoco Products by 436.0% in the 3rd quarter. AQR Capital Management LLC now owns 283,810 shares of the industrial products company’s stock worth $15,425,000 after acquiring an additional 230,862 shares during the period. Sei Investments Co. raised its holdings in Sonoco Products by 17.1% during the third quarter. Sei Investments Co. now owns 974,833 shares of the industrial products company’s stock worth $52,982,000 after purchasing an additional 142,592 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in Sonoco Products by 94.1% during the third quarter. Qube Research & Technologies Ltd now owns 290,660 shares of the industrial products company’s stock worth $15,797,000 after purchasing an additional 140,934 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insiders Place Their Bets

In other news, VP Adam Wood sold 537 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the sale, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Adam Wood sold 537 shares of the business’s 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 completion of the sale, the vice president now owns 28,273 shares in the company, valued at approximately $1,612,691.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of the firm’s 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 owns 11,988 shares in the company, valued at approximately $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 over the last quarter. Company insiders own 0.51% of the company’s stock.

Sonoco Products Stock Performance

NYSE:SON opened at $57.26 on Tuesday. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74. The firm has a 50 day simple moving average of $56.96 and a 200-day simple moving average of $55.98. The firm has a market cap of $5.62 billion, a PE ratio of 11.93, a P/E/G ratio of 2.17 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 (NYSE:SON) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business earned $1.27 EPS. Sonoco Products’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts expect that Sonoco Products will post 5.21 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.63%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. Sonoco Products’s payout ratio is presently 42.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Citigroup decreased their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Wells Fargo & Company cut their price objective on Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 20th. Finally, TheStreet cut Sonoco Products from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.00.

Sonoco Products Company 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.