TD Asset Management Inc. lessened its position in Sonoco Products Co (NYSE:SON) by 42.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,228 shares of the industrial products company’s stock after selling 13,190 shares during the period. TD Asset Management Inc.’s holdings in Sonoco Products were worth $957,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of the company. Dupont Capital Management Corp bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $311,000. BB&T Corp increased its stake in shares of Sonoco Products by 1,293.7% in the 2nd quarter. BB&T Corp now owns 94,733 shares of the industrial products company’s stock valued at $4,973,000 after acquiring an additional 87,936 shares during the last quarter. Tributary Capital Management LLC increased its stake in shares of Sonoco Products by 1,717.9% in the 2nd quarter. Tributary Capital Management LLC now owns 12,725 shares of the industrial products company’s stock valued at $668,000 after acquiring an additional 12,025 shares during the last quarter. Perella Weinberg Partners Capital Management LP bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $1,032,000. Finally, Fruth Investment Management increased its stake in shares of Sonoco Products by 27.0% in the 2nd quarter. Fruth Investment Management now owns 42,653 shares of the industrial products company’s stock valued at $2,239,000 after acquiring an additional 9,074 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.
In other Sonoco Products news, CFO Barry L. Saunders sold 6,580 shares of the company’s stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $55.85, for a total transaction of $367,493.00. Following the completion of the transaction, the chief financial officer now owns 91,181 shares of the company’s stock, valued at approximately $5,092,458.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Allan H. Mcleland sold 11,521 shares of the company’s stock in a transaction that occurred on Tuesday, July 10th. The stock was sold at an average price of $54.00, for a total value of $622,134.00. Following the transaction, the vice president now directly owns 36,553 shares of the company’s stock, valued at approximately $1,973,862. The disclosure for this sale can be found here. Insiders sold a total of 31,200 shares of company stock valued at $1,726,520 over the last quarter. 1.70% of the stock is owned by insiders.
Shares of SON opened at $56.48 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.53 and a quick ratio of 1.07. Sonoco Products Co has a 52-week low of $46.55 and a 52-week high of $57.18. The company has a market capitalization of $5.53 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 3.57 and a beta of 1.08.
Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.07. Sonoco Products had a return on equity of 18.01% and a net margin of 4.57%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the firm earned $0.71 EPS. Sonoco Products’s quarterly revenue was up 10.1% compared to the same quarter last year. equities analysts forecast that Sonoco Products Co will post 3.34 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 10th. Investors of record on Friday, August 10th will be given a $0.41 dividend. The ex-dividend date is Thursday, August 9th. This represents a $1.64 annualized dividend and a dividend yield of 2.90%. Sonoco Products’s dividend payout ratio is presently 58.78%.
A number of analysts have recently commented on SON shares. Zacks Investment Research cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, May 16th. DA Davidson upped their price target on Sonoco Products to $57.00 and gave the company a “neutral” rating in a research note on Friday, July 20th. Finally, Barclays upped their price target on Sonoco Products from $55.00 to $58.00 and gave the company a “$56.02” rating in a research note on Monday, July 23rd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Sonoco Products currently has an average rating of “Hold” and a consensus price target of $57.14.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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