Sonoco Products Co. (SON) Stake Reduced by Arizona State Retirement System
Arizona State Retirement System lowered its position in Sonoco Products Co. (NYSE:SON) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,192 shares of the company’s stock after selling 200 shares during the period. Arizona State Retirement System’s holdings in Sonoco Products were worth $2,071,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in shares of Sonoco Products by 7.7% in the second quarter. Nisa Investment Advisors LLC now owns 37,740 shares of the company’s stock worth $1,874,000 after buying an additional 2,700 shares during the period. Eqis Capital Management Inc. purchased a new stake in shares of Sonoco Products during the second quarter worth about $220,000. Boys Arnold & Co. Inc. increased its stake in shares of Sonoco Products by 14.0% in the second quarter. Boys Arnold & Co. Inc. now owns 5,862 shares of the company’s stock worth $291,000 after buying an additional 720 shares during the period. Capstone Asset Management Co. increased its stake in shares of Sonoco Products by 2.2% in the second quarter. Capstone Asset Management Co. now owns 9,255 shares of the company’s stock worth $460,000 after buying an additional 200 shares during the period. Finally, Breton Hill Capital Ltd. increased its stake in shares of Sonoco Products by 48.4% in the second quarter. Breton Hill Capital Ltd. now owns 17,966 shares of the company’s stock worth $892,000 after buying an additional 5,858 shares during the period. 69.47% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sonoco Products Co. (NYSE:SON) traded up 0.02% during midday trading on Monday, hitting $54.57. 332,344 shares of the stock were exchanged. The firm has a market cap of $5.45 billion, a PE ratio of 23.52 and a beta of 1.03. Sonoco Products Co. has a 12-month low of $36.56 and a 12-month high of $54.93. The firm has a 50-day moving average price of $51.42 and a 200 day moving average price of $50.46.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 20th. The company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Sonoco Products had a return on equity of 17.84% and a net margin of 4.84%. The company earned $1.21 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the company earned $0.65 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts predict that Sonoco Products Co. will post $2.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 11th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Tuesday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 63.52%.
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A number of brokerages recently issued reports on SON. Bank of America Corp. downgraded shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a report on Monday, October 3rd. They noted that the move was a valuation call. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Monday, October 24th. Zacks Investment Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $47.00 price objective (up from $46.00) on shares of Sonoco Products in a report on Monday, October 24th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.86.
In related news, VP R. Howard Coker sold 1,390 shares of the firm’s stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $49.65, for a total transaction of $69,013.50. Following the completion of the transaction, the vice president now owns 159,340 shares of the company’s stock, valued at approximately $7,911,231. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John E. Linville sold 54,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 223,787 shares of the company’s stock, valued at approximately $11,292,292.02. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
About Sonoco Products
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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