Sonoco Products Co (SON) Holdings Lessened by Royce & Associates LP
Royce & Associates LP reduced its holdings in Sonoco Products Co (NYSE:SON) by 4.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 302,892 shares of the industrial products company’s stock after selling 12,786 shares during the quarter. Royce & Associates LP owned 0.30% of Sonoco Products worth $15,281,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Allianz Asset Management GmbH boosted its position in shares of Sonoco Products by 743.7% during the third quarter. Allianz Asset Management GmbH now owns 235,196 shares of the industrial products company’s stock worth $11,865,000 after buying an additional 207,320 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Sonoco Products during the third quarter worth about $3,322,000. Financial Counselors Inc. boosted its position in shares of Sonoco Products by 2.6% during the third quarter. Financial Counselors Inc. now owns 112,647 shares of the industrial products company’s stock worth $5,683,000 after buying an additional 2,897 shares during the period. Stifel Financial Corp boosted its position in shares of Sonoco Products by 376.8% during the third quarter. Stifel Financial Corp now owns 166,379 shares of the industrial products company’s stock worth $8,393,000 after buying an additional 131,485 shares during the period. Finally, Shufro Rose & Co. LLC boosted its position in shares of Sonoco Products by 17.8% during the third quarter. Shufro Rose & Co. LLC now owns 372,928 shares of the industrial products company’s stock worth $18,814,000 after buying an additional 56,360 shares during the period. Institutional investors own 72.27% of the company’s stock.
Shares of Sonoco Products Co (NYSE SON) traded down $0.67 during midday trading on Tuesday, reaching $54.00. The company had a trading volume of 436,200 shares, compared to its average volume of 528,908. Sonoco Products Co has a 1 year low of $47.10 and a 1 year high of $55.77. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $5,434.25, a PE ratio of 20.40, a PEG ratio of 4.18 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, November 10th were paid a $0.39 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.56 annualized dividend and a yield of 2.89%. Sonoco Products’s dividend payout ratio is 57.35%.
Several research analysts recently commented on the company. Bank of America raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Wednesday, September 6th. Jefferies Group reissued a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research report on Thursday, September 7th. Zacks Investment Research cut Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a research report on Sunday, December 3rd. Finally, Barclays increased their price target on Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Friday, October 20th. Two 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. The company presently has an average rating of “Hold” and a consensus target price of $52.00.
In other Sonoco Products news, CFO Barry L. Saunders sold 5,645 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total value of $295,741.55. Following the sale, the chief financial officer now owns 60,455 shares in the company, valued at $3,167,237.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Marcy J. Thompson sold 565 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The disclosure for this sale can be found here. Insiders sold 6,937 shares of company stock worth $363,088 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.
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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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