Verition Fund Management LLC Cuts Stake in Sonoco Products (NYSE:SON)

Verition Fund Management LLC lowered its position in shares of Sonoco Products (NYSE:SONGet Rating) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,566 shares of the industrial products company’s stock after selling 2,027 shares during the period. Verition Fund Management LLC’s holdings in Sonoco Products were worth $1,662,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SON. State Street Corp increased its stake in shares of Sonoco Products by 13.4% during the first quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock valued at $515,546,000 after buying an additional 972,157 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Sonoco Products during the first quarter valued at $51,618,000. Millennium Management LLC boosted its position in Sonoco Products by 726.5% during the fourth quarter. Millennium Management LLC now owns 725,881 shares of the industrial products company’s stock valued at $42,021,000 after purchasing an additional 638,057 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Sonoco Products during the first quarter valued at about $34,642,000. Finally, BlackRock Inc. boosted its position in Sonoco Products by 3.4% during the first quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock valued at $687,633,000 after purchasing an additional 362,516 shares in the last quarter. Hedge funds and other institutional investors own 78.48% of the company’s stock.

Sonoco Products Price Performance

Shares of NYSE SON opened at $61.51 on Tuesday. Sonoco Products has a fifty-two week low of $51.52 and a fifty-two week high of $67.06. The company has a market cap of $6.00 billion, a PE ratio of 14.37, a P/E/G ratio of 1.89 and a beta of 0.72. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.80 and a current ratio of 1.36. The business has a 50-day simple moving average of $62.65 and a two-hundred day simple moving average of $60.41.

Sonoco Products (NYSE:SONGet Rating) last announced its quarterly earnings data on Thursday, July 21st. The industrial products company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.09. Sonoco Products had a return on equity of 28.33% and a net margin of 6.47%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period last year, the business posted $0.84 earnings per share. The company’s revenue for the quarter was up 38.4% compared to the same quarter last year. As a group, equities analysts expect that Sonoco Products will post 6.33 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Wednesday, August 10th were paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Tuesday, August 9th. Sonoco Products’s payout ratio is 45.79%.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of recent research reports. StockNews.com downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research report on Monday, August 8th. Citigroup raised their price objective on Sonoco Products to $73.00 in a research report on Monday, July 25th. Wells Fargo & Company raised their price objective on Sonoco Products to $67.00 in a research report on Friday, July 22nd. Finally, TheStreet raised Sonoco Products from a “c+” rating to a “b-” rating in a research report on Thursday, July 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $65.57.

Insider Transactions at Sonoco Products

In other news, COO Rodger D. Fuller sold 1,898 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $62.53, for a total value of $118,681.94. Following the completion of the transaction, the chief operating officer now directly owns 83,818 shares in the company, valued at $5,241,139.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Ernest D. Haynes III sold 1,673 shares of Sonoco Products stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $63.00, for a total transaction of $105,399.00. Following the completion of the transaction, the insider now directly owns 5,063 shares in the company, valued at $318,969. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Rodger D. Fuller sold 1,898 shares of Sonoco Products stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $62.53, for a total value of $118,681.94. Following the transaction, the chief operating officer now owns 83,818 shares of the company’s stock, valued at $5,241,139.54. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

About Sonoco Products

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Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging. The Consumer Packaging segment round and shaped rigid paper containers; metal and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and global brand artwork management.

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

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