Marshall Wace North America L.P. purchased a new stake in shares of Sonoco Products Company (NYSE:SON) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 826,864 shares of the industrial products company’s stock, valued at approximately $42,170,000. Marshall Wace North America L.P. owned about 0.83% of Sonoco Products at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of SON. First Quadrant L P CA boosted its position in shares of Sonoco Products by 89.0% in the first quarter. First Quadrant L P CA now owns 263,818 shares of the industrial products company’s stock valued at $13,961,000 after buying an additional 124,202 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Sonoco Products during the first quarter valued at about $901,000. ProShare Advisors LLC boosted its position in shares of Sonoco Products by 26.9% in the first quarter. ProShare Advisors LLC now owns 174,531 shares of the industrial products company’s stock valued at $9,236,000 after buying an additional 37,042 shares during the period. Buckhead Capital Management LLC boosted its position in shares of Sonoco Products by 18.4% in the first quarter. Buckhead Capital Management LLC now owns 13,010 shares of the industrial products company’s stock valued at $688,000 after buying an additional 2,020 shares during the period. Finally, Speece Thorson Capital Group Inc. boosted its position in shares of Sonoco Products by 2.8% in the first quarter. Speece Thorson Capital Group Inc. now owns 286,119 shares of the industrial products company’s stock valued at $15,141,000 after buying an additional 7,831 shares during the period. Institutional investors own 75.39% of the company’s stock.
Sonoco Products Company (SON) opened at 48.44 on Monday. Sonoco Products Company has a one year low of $47.52 and a one year high of $55.58. The company has a 50 day moving average price of $49.96 and a 200-day moving average price of $51.75. The firm has a market capitalization of $4.81 billion, a PE ratio of 18.39 and a beta of 1.12.
Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, meeting the consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. On average, equities analysts predict that Sonoco Products Company will post $2.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Wednesday, August 9th. Sonoco Products’s payout ratio is 59.09%.
Several brokerages have recently issued reports on SON. Jefferies Group LLC reiterated a “hold” rating and set a $48.00 price target (up from $47.00) on shares of Sonoco Products in a research report on Sunday, April 23rd. Vertical Research cut Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday, July 21st. Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $55.00 to $60.00 in a research report on Wednesday, July 19th. BidaskClub upgraded Sonoco Products from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, June 22nd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $52.57.
Sonoco Products Company Profile
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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