SeaCrest Wealth Management LLC Acquires New Shares in Sonoco Products (NYSE:SON)

SeaCrest Wealth Management LLC acquired a new stake in shares of Sonoco Products (NYSE:SONGet Rating) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 798 shares of the industrial products company’s stock, valued at approximately $46,000.

Other institutional investors also recently modified their holdings of the company. Quadrant Capital Group LLC lifted its holdings in Sonoco Products by 80.0% in the first quarter. Quadrant Capital Group LLC now owns 468 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 208 shares during the period. Centerpoint Advisors LLC bought a new position in Sonoco Products in the second quarter valued at about $33,000. Venture Visionary Partners LLC bought a new position in Sonoco Products in the second quarter valued at about $49,000. Pinnacle Holdings LLC bought a new position in Sonoco Products in the first quarter valued at about $58,000. Finally, Meeder Asset Management Inc. bought a new position in Sonoco Products in the first quarter valued at about $83,000. 78.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Sonoco Products from $67.00 to $64.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 2nd. Citigroup decreased their price objective on Sonoco Products from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, October 11th. Deutsche Bank Aktiengesellschaft decreased their price objective on Sonoco Products from $65.00 to $61.00 in a research note on Wednesday, November 2nd. StockNews.com began coverage on Sonoco Products in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Bank of America raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $76.00 price objective on the stock in a research note on Thursday, October 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of “Hold” and an average price target of $65.29.

Sonoco Products Stock Up 1.3 %

Shares of SON opened at $59.95 on Monday. The business’s 50 day moving average is $59.65 and its 200 day moving average is $59.84. The company has a market capitalization of $5.85 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.85 and a beta of 0.75. Sonoco Products has a 12-month low of $51.52 and a 12-month high of $67.06. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 1.41.

Sonoco Products (NYSE:SONGet Rating) last issued its earnings results on Monday, October 31st. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.21. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.90 billion. Sonoco Products had a return on equity of 31.56% and a net margin of 6.19%. The firm’s quarterly revenue was up 33.6% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. Research analysts expect that Sonoco Products will post 6.47 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, November 9th. Sonoco Products’s dividend payout ratio is presently 44.55%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 652 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $58.60, for a total transaction of $38,207.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is currently owned by company insiders.

About Sonoco Products

(Get Rating)

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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