Martingale Asset Management L P Buys 1,501 Shares of Sonoco Products (NYSE:SON)

Martingale Asset Management L P lifted its stake in shares of Sonoco Products (NYSE:SONGet Rating) by 40.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 5,209 shares of the industrial products company’s stock after acquiring an additional 1,501 shares during the period. Martingale Asset Management L P’s holdings in Sonoco Products were worth $299,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SON. State Street Corp lifted its stake in Sonoco Products by 13.4% in the first quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock worth $515,546,000 after purchasing an additional 972,157 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Sonoco Products in the first quarter worth $51,618,000. Acadian Asset Management LLC bought a new stake in Sonoco Products in the first quarter worth $34,642,000. BlackRock Inc. lifted its stake in Sonoco Products by 3.4% in the first quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock worth $687,633,000 after purchasing an additional 362,516 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Sonoco Products in the second quarter worth $17,608,000. 78.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SON. Wells Fargo & Company lowered their price target on shares of Sonoco Products from $67.00 to $64.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 2nd. Citigroup decreased their price objective on shares of Sonoco Products from $73.00 to $72.00 and set a “buy” rating on the stock in a research report on Tuesday, October 11th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Sonoco Products from $65.00 to $61.00 in a research report on Wednesday, November 2nd. BMO Capital Markets cut shares of Sonoco Products from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $65.00 to $58.00 in a research report on Sunday, October 30th. Finally, StockNews.com initiated coverage on shares of Sonoco Products in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Sonoco Products has an average rating of “Hold” and a consensus price target of $65.29.

Sonoco Products Price Performance

Shares of NYSE SON opened at $61.05 on Thursday. Sonoco Products has a 1 year low of $51.52 and a 1 year high of $67.06. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.37 and a quick ratio of 0.79. The company’s 50-day moving average is $59.47 and its 200 day moving average is $59.85. The stock has a market capitalization of $5.95 billion, a P/E ratio of 13.88, a P/E/G ratio of 1.89 and a beta of 0.75.

Sonoco Products (NYSE:SONGet Rating) last announced its quarterly 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. Sonoco Products had a net margin of 6.19% and a return on equity of 31.56%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. Sonoco Products’s quarterly revenue was up 33.6% on a year-over-year basis. On average, sell-side analysts expect that Sonoco Products will post 6.47 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Wednesday, November 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 44.55%.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 652 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $58.60, for a total value of $38,207.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.47% of the company’s stock.

Sonoco Products Company Profile

(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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