Parallel Advisors LLC raised its stake in Sonoco Products Co (NYSE:SON) by 102.4% during the first quarter, Holdings Channel reports. The institutional investor owned 755 shares of the industrial products company’s stock after purchasing an additional 382 shares during the quarter. Parallel Advisors LLC’s holdings in Sonoco Products were worth $46,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hirtle Callaghan & Co LLC acquired a new stake in shares of Sonoco Products during the fourth quarter worth about $35,000. Oregon Public Employees Retirement Fund lifted its position in shares of Sonoco Products by 5,213.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,066,704 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 2,027,805 shares in the last quarter. Tributary Capital Management LLC acquired a new stake in shares of Sonoco Products during the fourth quarter worth about $46,000. Flagship Harbor Advisors LLC lifted its position in shares of Sonoco Products by 54.1% during the first quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock worth $59,000 after purchasing an additional 339 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its position in shares of Sonoco Products by 40.5% during the fourth quarter. Rehmann Capital Advisory Group now owns 1,137 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 328 shares in the last quarter. 74.61% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on the stock. Vertical Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Argus upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Wednesday, April 24th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research note on Sunday, April 21st. Finally, Wells Fargo & Co restated a “hold” rating on shares of Sonoco Products in a research note on Thursday, February 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $59.40.
In other Sonoco Products news, SVP R. Howard Coker sold 6,484 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total value of $401,618.96. Following the transaction, the senior vice president now directly owns 215,108 shares in the company, valued at $13,323,789.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total transaction of $50,547.00. Following the completion of the transaction, the vice president now owns 7,938 shares in the company, valued at $494,140.50. The disclosure for this sale can be found here. Insiders have sold 33,210 shares of company stock worth $2,004,004 over the last 90 days. Insiders own 1.30% of the company’s stock.
SON stock opened at $63.07 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.91 and a current ratio of 1.36. Sonoco Products Co has a fifty-two week low of $50.30 and a fifty-two week high of $64.46. The company has a market cap of $6.31 billion, a P/E ratio of 18.72, a PEG ratio of 3.74 and a beta of 1.01.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.05. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts anticipate that Sonoco Products Co will post 3.58 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.73%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s dividend payout ratio is presently 51.04%.
TRADEMARK VIOLATION WARNING: “Parallel Advisors LLC Purchases 382 Shares of Sonoco Products Co (SON)” was originally posted by Transcript Daily and is owned by of Transcript Daily. If you are accessing this article on another publication, it was copied illegally and republished in violation of United States & international trademark & copyright laws. The legal version of this article can be read at https://transcriptdaily.com/2019/05/16/parallel-advisors-llc-purchases-382-shares-of-sonoco-products-co-son.html.
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.
Featured Story: Leveraged Buyout (LBO)
Want to see what other hedge funds are holding SON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonoco Products Co (NYSE:SON).
Receive News & Ratings for Sonoco Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.