Sonoco Products Co. (SON) Director Sells $2,724,840.00 in Stock
Sonoco Products Co. (NYSE:SON) Director John E. Linville sold 54,000 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $50.46, for a total value of $2,724,840.00. Following the sale, the director now owns 223,787 shares in the company, valued at approximately $11,292,292.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Sonoco Products Co. (NYSE:SON) opened at 51.24 on Friday. The company has a 50 day moving average price of $50.96 and a 200 day moving average price of $49.90. The company has a market capitalization of $5.12 billion, a PE ratio of 22.09 and a beta of 1.03. Sonoco Products Co. has a 1-year low of $36.56 and a 1-year high of $53.57.
Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 20th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.68 by $0.04. Sonoco Products had a net margin of 4.84% and a return on equity of 17.84%. The business earned $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The business’s revenue was down 2.7% on a year-over-year basis. Equities analysts predict that Sonoco Products Co. will post $2.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 11th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Tuesday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 63.52%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CHURCHILL MANAGEMENT Corp increased its position in Sonoco Products by 40.3% in the second quarter. CHURCHILL MANAGEMENT Corp now owns 25,691 shares of the company’s stock valued at $1,276,000 after buying an additional 7,379 shares during the period. Curbstone Financial Management Corp increased its position in Sonoco Products by 0.7% in the second quarter. Curbstone Financial Management Corp now owns 29,900 shares of the company’s stock valued at $1,485,000 after buying an additional 200 shares during the period. BNP Paribas Arbitrage SA increased its position in Sonoco Products by 5.1% in the second quarter. BNP Paribas Arbitrage SA now owns 48,483 shares of the company’s stock valued at $2,408,000 after buying an additional 2,364 shares during the period. BlueMountain Capital Management LLC increased its position in Sonoco Products by 400.4% in the first quarter. BlueMountain Capital Management LLC now owns 16,569 shares of the company’s stock valued at $805,000 after buying an additional 13,258 shares during the period. Finally, First Republic Investment Management Inc. increased its position in Sonoco Products by 3.9% in the first quarter. First Republic Investment Management Inc. now owns 351,791 shares of the company’s stock valued at $17,086,000 after buying an additional 13,259 shares during the period. 68.92% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on SON shares. Jefferies Group raised their price target on Sonoco Products from $42.00 to $46.00 and gave the company a “hold” rating in a research report on Thursday, July 14th. Deutsche Bank AG set a $42.00 price target on Sonoco Products and gave the company a “hold” rating in a research report on Sunday, July 24th. Bank of America Corp. downgraded Sonoco Products from a “neutral” rating to an “underperform” rating in a research report on Monday, October 3rd. They noted that the move was a valuation call. Zacks Investment Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Monday, July 25th. Finally, Vertical Group downgraded Sonoco Products from a “hold” rating to a “sell” rating in a research report on Monday, July 25th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Sonoco Products presently has a consensus rating of “Hold” and an average price target of $46.38.
Sonoco Products Company Profile
Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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