Advisor Partners LLC boosted its stake in shares of Sonoco Products Co (NYSE:SON) by 56.7% in the third quarter, HoldingsChannel reports. The firm owned 10,322 shares of the industrial products company’s stock after purchasing an additional 3,736 shares during the quarter. Advisor Partners LLC’s holdings in Sonoco Products were worth $601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH boosted its position in Sonoco Products by 117.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 229,882 shares of the industrial products company’s stock valued at $15,020,000 after purchasing an additional 124,063 shares during the period. Hennessy Advisors Inc. acquired a new position in Sonoco Products during the 2nd quarter valued at approximately $3,032,000. Swiss National Bank boosted its position in Sonoco Products by 2.1% during the 2nd quarter. Swiss National Bank now owns 185,700 shares of the industrial products company’s stock worth $12,134,000 after acquiring an additional 3,800 shares during the period. Public Employees Retirement System of Ohio boosted its position in Sonoco Products by 32.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 43,337 shares of the industrial products company’s stock worth $2,832,000 after acquiring an additional 10,564 shares during the period. Finally, Stephens Inc. AR boosted its position in Sonoco Products by 0.9% during the 2nd quarter. Stephens Inc. AR now owns 51,846 shares of the industrial products company’s stock worth $3,388,000 after acquiring an additional 482 shares during the period. Institutional investors and hedge funds own 73.65% of the company’s stock.
Shares of SON stock opened at $58.01 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.84 and a current ratio of 1.20. Sonoco Products Co has a 1 year low of $50.30 and a 1 year high of $66.57. The stock has a fifty day moving average of $57.69 and a two-hundred day moving average of $61.04. The firm has a market capitalization of $5.73 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 3.49 and a beta of 0.89.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.72 annualized dividend and a dividend yield of 2.97%. Sonoco Products’s dividend payout ratio (DPR) is 51.04%.
SON has been the subject of a number of analyst reports. Vertical Group upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday. ValuEngine lowered Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday, October 4th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday. BMO Capital Markets lowered Sonoco Products from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $60.00 to $56.00 in a research report on Monday, July 15th. Finally, Bank of America lowered Sonoco Products from a “neutral” rating to an “underperform” rating in a research report on Friday, July 12th. Four equities research analysts have rated the stock with a sell rating, five have issued 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 $60.33.
In other news, VP Marcy J. Thompson sold 1,182 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.37, for a total value of $72,539.34. Following the completion of the sale, the vice president now owns 18,938 shares in the company, valued at $1,162,225.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.30% 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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