Argyle Capital Management Inc. held its stake in shares of Sonoco Products Co. (NYSE:SON) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,049 shares of the company’s stock at the end of the second quarter. Argyle Capital Management Inc.’s holdings in Sonoco Products were worth $2,138,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of SON. Bank of Montreal Can purchased a new stake in shares of Sonoco Products during the second quarter worth $2,589,000. Meeder Asset Management Inc. increased its position in shares of Sonoco Products by 29.1% in the second quarter. Meeder Asset Management Inc. now owns 13,306 shares of the company’s stock valued at $661,000 after buying an additional 3,003 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Sonoco Products by 261.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 156,115 shares of the company’s stock valued at $7,754,000 after buying an additional 112,924 shares during the last quarter. LS Investment Advisors LLC increased its position in shares of Sonoco Products by 72.8% in the second quarter. LS Investment Advisors LLC now owns 6,094 shares of the company’s stock valued at $303,000 after buying an additional 2,567 shares during the last quarter. Finally, TIAA CREF Trust Co. FSB MO increased its position in shares of Sonoco Products by 9.9% in the second quarter. TIAA CREF Trust Co. FSB MO now owns 33,759 shares of the company’s stock valued at $1,677,000 after buying an additional 3,049 shares during the last quarter. Institutional investors and hedge funds own 68.99% of the company’s stock.
Sonoco Products Co. (NYSE:SON) traded down 1.14% on Friday, reaching $52.89. The company had a trading volume of 353,183 shares. The company’s 50 day moving average is $51.74 and its 200-day moving average is $49.12. Sonoco Products Co. has a one year low of $36.56 and a one year high of $53.57. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 25.07 and a beta of 1.06.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.05. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Sonoco Products had a return on equity of 17.66% and a net margin of 4.37%. The firm’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. On average, equities research analysts expect that Sonoco Products Co. will post $2.72 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Friday, August 12th were paid a $0.37 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $1.48 dividend on an annualized basis and a yield of 2.80%. Sonoco Products’s dividend payout ratio is presently 69.81%.
Several brokerages have commented on SON. Jefferies Group lifted their target price on Sonoco Products from $42.00 to $46.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Vertical Group downgraded Sonoco Products from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Zacks Investment Research raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Monday, July 25th. Barclays PLC lifted their target price on Sonoco Products from $40.00 to $44.00 and gave the stock an “underweight” rating in a report on Monday, July 25th. Finally, Deutsche Bank AG set a $42.00 target price on Sonoco Products and gave the stock a “hold” rating in a report on Sunday, July 24th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $45.78.
In other news, Director John E. Linville sold 33,746 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $51.54, for a total transaction of $1,739,268.84. Following the transaction, the director now directly owns 223,787 shares of the company’s stock, valued at $11,533,981.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mancil J. Sanders sold 16,254 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.00, for a total value of $845,208.00. Following the transaction, the chief executive officer now directly owns 187,296 shares in the company, valued at $9,739,392. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.
Sonoco Products Company Profile
Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of 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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