Sonoco Products Co (NYSE:SON) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 2,970,000 shares, a decrease of 11.3% from the September 30th total of 3,350,000 shares. Based on an average daily trading volume, of 415,600 shares, the short-interest ratio is presently 7.1 days. Currently, 3.0% of the company’s stock are sold short.
A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Sonoco Products by 1.8% during the second quarter. BlackRock Inc. now owns 11,511,630 shares of the industrial products company’s stock worth $752,172,000 after purchasing an additional 203,903 shares during the period. Invesco Ltd. boosted its holdings in shares of Sonoco Products by 12.1% in the 2nd quarter. Invesco Ltd. now owns 4,275,629 shares of the industrial products company’s stock valued at $279,369,000 after purchasing an additional 460,426 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Sonoco Products by 4.2% in the 2nd quarter. Bank of America Corp DE now owns 2,157,284 shares of the industrial products company’s stock valued at $140,956,000 after purchasing an additional 86,954 shares in the last quarter. APG Asset Management N.V. boosted its holdings in shares of Sonoco Products by 79.4% in the 2nd quarter. APG Asset Management N.V. now owns 1,960,200 shares of the industrial products company’s stock valued at $112,469,000 after purchasing an additional 867,400 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Sonoco Products by 4.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,385,435 shares of the industrial products company’s stock valued at $90,525,000 after purchasing an additional 61,379 shares in the last quarter. Hedge funds and other institutional investors own 72.17% of the company’s stock.
Several research analysts have recently weighed in on the company. Vertical Group raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Vertical Research raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Robert W. Baird reduced their price target on Sonoco Products from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. BMO Capital Markets raised Sonoco Products from an “underperform” rating to a “market perform” rating and set a $56.00 price target for the company in a research report on Friday, October 18th. Finally, ValuEngine raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.33.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.91 by $0.06. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.39 billion. Sonoco Products had a return on equity of 20.08% and a net margin of 5.99%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 earnings per share. Analysts predict that Sonoco Products will post 3.54 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a $0.43 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.72 annualized dividend and a yield of 2.94%. Sonoco Products’s dividend payout ratio is 51.04%.
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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