Sicart Associates LLC Acquires Shares of 6,000 Sonoco Products Co (SON)
Sicart Associates LLC acquired a new stake in shares of Sonoco Products Co (NYSE:SON) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,000 shares of the industrial products company’s stock, valued at approximately $319,000.
Other hedge funds have also modified their holdings of the company. Allianz Asset Management GmbH increased its holdings in 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 valued at $11,865,000 after buying an additional 207,320 shares during the period. Clinton Group Inc. boosted its stake in Sonoco Products by 544.5% in the second quarter. Clinton Group Inc. now owns 25,356 shares of the industrial products company’s stock valued at $1,304,000 after acquiring an additional 21,422 shares in the last quarter. Vanguard Group Inc. boosted its stake in Sonoco Products by 0.3% in the second quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after acquiring an additional 29,532 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Sonoco Products in the third quarter valued at approximately $1,261,000. Finally, Legal & General Group Plc boosted its stake in Sonoco Products by 8.5% in the third quarter. Legal & General Group Plc now owns 134,510 shares of the industrial products company’s stock valued at $6,785,000 after acquiring an additional 10,524 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors.
In other news, SVP Vicki B. Arthur sold 727 shares of Sonoco Products stock in a transaction on Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the completion of the sale, the senior vice president now directly owns 33,998 shares in the company, valued at $1,801,894. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Barry L. Saunders sold 5,645 shares of Sonoco Products stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total transaction of $295,741.55. Following the sale, the chief financial officer now owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted $0.72 earnings per share. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. research analysts anticipate that Sonoco Products Co will post 2.8 earnings per share for the current fiscal year.
Several brokerages have weighed in on SON. Zacks Investment Research downgraded shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Barclays raised their target price on shares of Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research note on Friday, October 20th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research note on Thursday, October 19th. Finally, Robert W. Baird restated a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Sonoco Products has a consensus rating of “Hold” and a consensus target price of $54.14.
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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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