Wedge Capital Management L L P NC Has $6.85 Million Position in Sonoco Products (NYSE:SON)

Wedge Capital Management L L P NC trimmed its stake in shares of Sonoco Products (NYSE:SONGet Rating) by 9.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,169 shares of the industrial products company’s stock after selling 11,900 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Sonoco Products were worth $6,854,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its holdings in shares of Sonoco Products by 80.0% during the first quarter. Quadrant Capital Group LLC now owns 468 shares of the industrial products company’s stock worth $29,000 after buying an additional 208 shares in the last quarter. Pinnacle Holdings LLC acquired a new stake in shares of Sonoco Products during the first quarter valued at about $58,000. Meeder Asset Management Inc. bought a new stake in shares of Sonoco Products during the first quarter worth about $83,000. Dixon Hughes Goodman Wealth Advisors LLC increased its stake in shares of Sonoco Products by 400.0% in the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 1,750 shares of the industrial products company’s stock valued at $109,000 after buying an additional 1,400 shares during the period. Finally, Guardian Wealth Management Inc. bought a new position in Sonoco Products in the 4th quarter valued at approximately $115,000. Institutional investors own 78.48% of the company’s stock.

Insider Activity at Sonoco Products

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SON. Citigroup boosted their target price on shares of Sonoco Products to $73.00 in a report on Monday, July 25th. StockNews.com downgraded Sonoco Products from a “buy” rating to a “hold” rating in a report on Monday, August 8th. TheStreet raised Sonoco Products from a “c+” rating to a “b-” rating in a report on Thursday, July 21st. Finally, Wells Fargo & Company increased their price target on Sonoco Products to $67.00 in a research note on Friday, July 22nd. One equities 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 stock. Based on data from MarketBeat, Sonoco Products has an average rating of “Hold” and an average price target of $65.57.

Sonoco Products Stock Performance

Shares of SON opened at $59.84 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.80 and a debt-to-equity ratio of 1.41. The firm’s fifty day simple moving average is $62.70 and its two-hundred day simple moving average is $60.41. Sonoco Products has a 12 month low of $51.52 and a 12 month high of $67.06. The stock has a market capitalization of $5.83 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 1.94 and a beta of 0.72.

Sonoco Products (NYSE:SONGet Rating) last announced its earnings results on Thursday, July 21st. The industrial products company reported $1.76 EPS for the quarter, beating the consensus estimate of $1.67 by $0.09. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.91 billion. Sonoco Products had a return on equity of 28.33% and a net margin of 6.47%. The firm’s revenue for the quarter was up 38.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 EPS. As a group, analysts predict that Sonoco Products will post 6.33 EPS for the current year.

Sonoco Products Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $1.96 annualized dividend and a dividend yield of 3.28%. Sonoco Products’s dividend payout ratio is currently 45.79%.

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.

See Also

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

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