Retirement Systems of Alabama Increases Position in Sonoco Products (NYSE:SON)

Retirement Systems of Alabama increased its stake in shares of Sonoco Products (NYSE:SON) by 0.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 270,785 shares of the industrial products company’s stock after buying an additional 376 shares during the quarter. Retirement Systems of Alabama’s holdings in Sonoco Products were worth $15,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SON. FMR LLC grew its position in Sonoco Products by 1,231.2% during the 3rd quarter. FMR LLC now owns 694,263 shares of the industrial products company’s stock worth $37,733,000 after purchasing an additional 642,109 shares during the period. American Century Companies Inc. grew its position in Sonoco Products by 20.2% during the 3rd quarter. American Century Companies Inc. now owns 2,787,019 shares of the industrial products company’s stock worth $151,474,000 after purchasing an additional 467,431 shares during the period. AQR Capital Management LLC grew its position in Sonoco Products by 436.0% during the 3rd quarter. AQR Capital Management LLC now owns 283,810 shares of the industrial products company’s stock worth $15,425,000 after purchasing an additional 230,862 shares during the period. Sei Investments Co. grew its position in Sonoco Products by 17.1% during the 3rd quarter. Sei Investments Co. now owns 974,833 shares of the industrial products company’s stock worth $52,982,000 after purchasing an additional 142,592 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in Sonoco Products by 94.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 290,660 shares of the industrial products company’s stock worth $15,797,000 after purchasing an additional 140,934 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Trading Down 2.1 %

SON stock opened at $56.03 on Wednesday. The company’s 50-day simple moving average is $56.96 and its 200-day simple moving average is $55.98. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. Sonoco Products has a 52-week low of $49.98 and a 52-week high of $63.74. The firm has a market cap of $5.50 billion, a P/E ratio of 11.67, a PEG ratio of 2.20 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the company posted $1.40 EPS. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, equities analysts forecast that Sonoco Products will post 5.21 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. Sonoco Products’s dividend payout ratio (DPR) is currently 42.50%.

Insider Activity at Sonoco Products

In related news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the transaction, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the transaction, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Adam Wood sold 537 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the transaction, the vice president now directly owns 28,273 shares in the company, valued at $1,612,691.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,076 shares of company stock valued at $749,002. 0.51% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SON shares. TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Wells Fargo & Company cut their price target on Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 20th. Finally, Citigroup lowered their target price on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $63.00.

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 Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.