Treasurer of the State of North Carolina Buys 1,801 Shares of Sonoco Products (NYSE:SON)

Treasurer of the State of North Carolina raised its stake in Sonoco Products (NYSE:SONFree Report) by 4.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,738 shares of the industrial products company’s stock after purchasing an additional 1,801 shares during the period. Treasurer of the State of North Carolina’s holdings in Sonoco Products were worth $2,500,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new stake in Sonoco Products during the fourth quarter worth about $28,000. Parallel Advisors LLC grew its holdings in shares of Sonoco Products by 154.6% during the 4th quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 535 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Sonoco Products by 88.6% during the fourth quarter. Quadrant Capital Group LLC now owns 913 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 429 shares during the period. M&R Capital Management Inc. raised its stake in shares of Sonoco Products by 298.3% in the fourth quarter. M&R Capital Management Inc. now owns 924 shares of the industrial products company’s stock valued at $52,000 after purchasing an additional 692 shares in the last quarter. Finally, Highlander Capital Management LLC bought a new position in Sonoco Products in the fourth quarter worth $56,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Trading Down 1.5 %

Shares of Sonoco Products stock opened at $60.03 on Friday. The stock has a market capitalization of $5.90 billion, a P/E ratio of 15.16, a price-to-earnings-growth ratio of 2.32 and a beta of 0.72. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The company has a quick ratio of 0.83, a current ratio of 1.31 and a debt-to-equity ratio of 1.08. The company has a 50-day simple moving average of $58.41 and a 200 day simple moving average of $57.18.

Sonoco Products (NYSE:SONGet Free Report) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.07. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. Sonoco Products’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 earnings per share. Research analysts expect that Sonoco Products will post 5.19 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s dividend payout ratio is presently 52.53%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SON shares. Wells Fargo & Company boosted their price target on shares of Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Citigroup dropped their price target on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Finally, TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and an average price target of $63.33.

View Our Latest Stock Analysis on SON

About Sonoco Products

(Free Report)

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.

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

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