Voloridge Investment Management LLC Raises Stock Position in Sonoco Products Co (NYSE:SON)

Voloridge Investment Management LLC lifted its holdings in shares of Sonoco Products Co (NYSE:SON) by 50.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 60,072 shares of the industrial products company’s stock after purchasing an additional 20,175 shares during the quarter. Voloridge Investment Management LLC owned about 0.06% of Sonoco Products worth $3,497,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. increased its stake in Sonoco Products by 1.8% during the 2nd quarter. BlackRock Inc. now owns 11,511,630 shares of the industrial products company’s stock worth $752,172,000 after buying an additional 203,903 shares during the period. Invesco Ltd. increased its position in shares of Sonoco Products by 12.1% during the second quarter. Invesco Ltd. now owns 4,275,629 shares of the industrial products company’s stock worth $279,369,000 after acquiring an additional 460,426 shares during the period. Bank of America Corp DE increased its position in shares of Sonoco Products by 4.2% during the second quarter. Bank of America Corp DE now owns 2,157,284 shares of the industrial products company’s stock worth $140,956,000 after acquiring an additional 86,954 shares during the period. APG Asset Management N.V. raised its stake in shares of Sonoco Products by 79.4% in the second 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 acquiring an additional 867,400 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Sonoco Products by 4.6% in the second 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 acquiring an additional 61,379 shares in the last quarter. 72.15% of the stock is currently owned by institutional investors and hedge funds.

In related news, VP James A. Harrell III sold 825 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $60.00, for a total value of $49,500.00. Following the transaction, the vice president now owns 16,413 shares in the company, valued at approximately $984,780. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

SON stock opened at $60.17 on Tuesday. Sonoco Products Co has a 12 month low of $50.30 and a 12 month high of $66.57. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.20 and a quick ratio of 0.82. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89. The company has a fifty day moving average price of $58.63 and a 200 day moving average price of $60.26.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 17th. The industrial products company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. Sonoco Products had a net margin of 5.99% and a return on equity of 20.08%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the business posted $0.86 earnings per share. Sonoco Products’s quarterly revenue was down .8% on a year-over-year basis. As a group, analysts anticipate that Sonoco Products Co will post 3.54 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Thursday, November 7th. Sonoco Products’s dividend payout ratio is currently 51.04%.

A number of research analysts recently issued reports on SON shares. Vertical Group upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Robert W. Baird cut their price target on Sonoco Products from $70.00 to $65.00 and set an “outperform” rating on the stock in a 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 on the stock in a research report on Friday, October 18th. Finally, ValuEngine upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $60.33.

Sonoco Products Company Profile

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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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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