New York State Common Retirement Fund Sells 38,273 Shares of Sonoco Products Company $SON

New York State Common Retirement Fund cut its holdings in Sonoco Products Company (NYSE:SON) by 10.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 315,273 shares of the industrial products company’s stock after selling 38,273 shares during the period. New York State Common Retirement Fund owned approximately 0.32% of Sonoco Products worth $13,585,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Sonoco Products during the second quarter valued at approximately $53,618,000. Nordea Investment Management AB grew its stake in shares of Sonoco Products by 70.1% in the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after acquiring an additional 1,164,849 shares during the period. Balyasny Asset Management L.P. purchased a new stake in Sonoco Products during the second quarter valued at $11,569,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Sonoco Products by 87.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock worth $25,754,000 after purchasing an additional 255,055 shares in the last quarter. Finally, Access Investment Management LLC bought a new stake in shares of Sonoco Products during the 2nd quarter valued at $10,550,000. 77.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SON. Jefferies Financial Group cut their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, January 21st. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and upped their price objective for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price target (down previously from $52.00) on shares of Sonoco Products in a report on Tuesday, January 6th. Finally, UBS Group increased their target price on Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products has an average rating of “Hold” and a consensus target price of $54.86.

Sonoco Products Stock Performance

SON opened at $48.22 on Tuesday. The firm has a 50 day moving average of $44.79 and a two-hundred day moving average of $44.19. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $4.76 billion, a PE ratio of 7.65, a P/E/G ratio of 0.75 and a beta of 0.55. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $50.09.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.