Renaissance Technologies LLC Purchases 661,500 Shares of Sonoco Products Company (SON)
Renaissance Technologies LLC grew its holdings in shares of Sonoco Products Company (NYSE:SON) by 455.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 806,800 shares of the industrial products company’s stock after purchasing an additional 661,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.80% of Sonoco Products worth $41,486,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in shares of Sonoco Products by 4.5% during the 2nd quarter. Nordea Investment Management AB now owns 113,911 shares of the industrial products company’s stock valued at $5,857,000 after purchasing an additional 4,951 shares during the last quarter. Harfst & Associates Inc. purchased a new position in shares of Sonoco Products in the second quarter worth approximately $126,000. Suntrust Banks Inc. boosted its holdings in shares of Sonoco Products by 7.3% in the second quarter. Suntrust Banks Inc. now owns 62,617 shares of the industrial products company’s stock worth $3,219,000 after buying an additional 4,245 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Sonoco Products in the second quarter worth approximately $697,000. Finally, TIAA FSB purchased a new position in shares of Sonoco Products in the second quarter worth approximately $2,374,000. 72.45% of the stock is owned by hedge funds and other institutional investors.
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SON has been the subject of a number of research reports. Vertical Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Robert W. Baird upgraded shares of Sonoco Products from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $55.00 to $60.00 in a research note on Wednesday, July 19th. BidaskClub upgraded shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Zacks Investment Research raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, June 22nd. Finally, Jefferies Group LLC reissued a “neutral” rating on shares of Sonoco Products in a research report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $52.57.
Sonoco Products Company (SON) opened at 50.98 on Tuesday. Sonoco Products Company has a one year low of $47.10 and a one year high of $55.58. The firm’s 50-day moving average is $48.63 and its 200 day moving average is $50.62. The stock has a market cap of $5.07 billion, a P/E ratio of 19.35 and a beta of 1.13.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, hitting the consensus estimate of $0.71. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. Sonoco Products’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.73 earnings per share. On average, analysts anticipate that Sonoco Products Company will post $2.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 11th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Wednesday, August 9th. Sonoco Products’s payout ratio is presently 59.09%.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing 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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