Balyasny Asset Management LLC Sells 22,678 Shares of Sonoco Products Co (NYSE:SON)
Balyasny Asset Management LLC cut its holdings in shares of Sonoco Products Co (NYSE:SON) by 78.2% during the second quarter, Holdings Channel.com reports. The firm owned 6,338 shares of the industrial products company’s stock after selling 22,678 shares during the period. Balyasny Asset Management LLC’s holdings in Sonoco Products were worth $331,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Creative Financial Designs Inc. ADV acquired a new stake in Sonoco Products in the second quarter valued at approximately $37,000. Ameritas Investment Company LLC purchased a new position in shares of Sonoco Products during the first quarter worth $39,000. Ellevest Inc. lifted its position in Sonoco Products by 524.0% during the second quarter. Ellevest Inc. now owns 1,797 shares of the industrial products company’s stock valued at $94,000 after purchasing an additional 1,509 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Sonoco Products by 46.3% in the 1st quarter. Fifth Third Bancorp now owns 1,984 shares of the industrial products company’s stock valued at $92,000 after buying an additional 628 shares during the period. Finally, Leelyn Smith LLC lifted its holdings in Sonoco Products by 56.7% in the second quarter. Leelyn Smith LLC now owns 1,990 shares of the industrial products company’s stock valued at $104,000 after acquiring an additional 720 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of SON opened at $54.22 on Wednesday. The stock has a 50 day moving average price of $53.63 and a 200 day moving average price of $50.42. Sonoco Products Co has a one year low of $37.30 and a one year high of $62.77. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.09 and a current ratio of 1.42. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 3.27 and a beta of 0.79.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Monday, August 10th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.72 dividend on an annualized basis and a yield of 3.17%. Sonoco Products’s payout ratio is 48.73%.
Several research firms recently issued reports on SON. Argus cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. TheStreet raised shares of Sonoco Products from a “c+” rating to a “b-” rating in a research note on Wednesday, June 17th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research note on Thursday, July 16th. Zacks Investment Research downgraded Sonoco Products from a “hold” rating to a “sell” rating and set a $52.00 price target on the stock. in a research report on Friday, May 22nd. Finally, Wells Fargo & Company upgraded Sonoco Products from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $48.00 to $60.00 in a research report on Thursday, May 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $54.57.
In other Sonoco Products news, EVP Rodger D. Fuller sold 5,638 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $54.95, for a total value of $309,808.10. Following the completion of the sale, the executive vice president now directly owns 73,674 shares in the company, valued at approximately $4,048,386.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.58% of the company’s stock.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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