Summit X LLC boosted its stake in Sonoco Products (NYSE:SON – Free Report) by 2.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,969 shares of the industrial products company’s stock after purchasing an additional 199 shares during the quarter. Summit X LLC’s holdings in Sonoco Products were worth $411,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in shares of Sonoco Products by 2.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,000,012 shares of the industrial products company’s stock worth $118,041,000 after acquiring an additional 54,728 shares in the last quarter. BNP Paribas Arbitrage SNC increased its position in Sonoco Products by 46.8% in the second quarter. BNP Paribas Arbitrage SNC now owns 12,643 shares of the industrial products company’s stock worth $746,000 after purchasing an additional 4,032 shares during the last quarter. Equitable Trust Co. raised its stake in Sonoco Products by 6.5% during the second quarter. Equitable Trust Co. now owns 18,416 shares of the industrial products company’s stock valued at $1,087,000 after purchasing an additional 1,127 shares in the last quarter. Lido Advisors LLC lifted its position in Sonoco Products by 27.3% during the second quarter. Lido Advisors LLC now owns 36,220 shares of the industrial products company’s stock valued at $2,138,000 after purchasing an additional 7,760 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Sonoco Products by 1.3% in the 2nd quarter. Swiss National Bank now owns 213,300 shares of the industrial products company’s stock worth $12,589,000 after buying an additional 2,800 shares in the last quarter. Institutional investors own 76.20% of the company’s stock.
Analysts Set New Price Targets
Several analysts have recently issued reports on SON shares. Argus cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Wells Fargo & Company lowered their price objective on Sonoco Products from $55.00 to $50.00 and set an “equal weight” rating for the company in a research note on Thursday, October 19th. StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a report on Monday. Finally, Citigroup decreased their price target on Sonoco Products from $69.00 to $65.00 in a report on Tuesday, October 10th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.40.
Sonoco Products Stock Performance
SON stock opened at $54.90 on Wednesday. Sonoco Products has a twelve month low of $49.98 and a twelve month high of $63.74. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 2.01 and a beta of 0.71. The business’s fifty day simple moving average is $53.65 and its two-hundred day simple moving average is $56.92. The company has a quick ratio of 1.19, a current ratio of 1.89 and a debt-to-equity ratio of 1.37.
Sonoco Products (NYSE:SON – Get Free Report) last posted its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.23. Sonoco Products had a net margin of 7.20% and a return on equity of 24.40%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The business’s revenue for the quarter was down 9.5% on a year-over-year basis. Analysts predict that Sonoco Products will post 5.3 earnings per share for the current year.
Sonoco Products Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.72%. Sonoco Products’s payout ratio is 41.13%.
Sonoco Products Profile
Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging.
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