JPMorgan Chase & Co. raised its stake in Sonoco Products Co. (NYSE:SON) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 322,384 shares of the company’s stock after buying an additional 15,507 shares during the period. JPMorgan Chase & Co. owned about 0.32% of Sonoco Products worth $16,010,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. Smithfield Trust Co. purchased a new position in Sonoco Products during the second quarter worth approximately $105,000. TradeLink Capital LLC purchased a new position in Sonoco Products during the second quarter worth approximately $208,000. Parametrica Management Ltd purchased a new position in Sonoco Products during the first quarter worth approximately $220,000. Eqis Capital Management Inc. purchased a new position in Sonoco Products during the second quarter worth approximately $220,000. Finally, Wright Investors Service Inc. purchased a new position in Sonoco Products during the second quarter worth approximately $236,000. Institutional investors own 68.99% of the company’s stock.
Shares of Sonoco Products Co. (NYSE:SON) traded down 1.54% during mid-day trading on Thursday, hitting $52.46. 136,425 shares of the company’s stock were exchanged. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 24.86 and a beta of 1.06. The firm has a 50 day moving average price of $51.93 and a 200-day moving average price of $49.34. Sonoco Products Co. has a 52 week low of $36.56 and a 52 week high of $53.57.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.68 by $0.05. Sonoco Products had a return on equity of 17.66% and a net margin of 4.37%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Sonoco Products Co. will post $2.72 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Friday, August 12th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $1.48 annualized dividend and a yield of 2.78%. Sonoco Products’s dividend payout ratio (DPR) is presently 69.81%.
A number of research firms have recently commented on SON. Vertical Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Friday, July 22nd. Barclays PLC boosted their target price on shares of Sonoco Products from $40.00 to $44.00 and gave the stock an “underweight” rating in a research report on Monday, July 25th. BMO Capital Markets reissued a “hold” rating and set a $46.00 target price on shares of Sonoco Products in a research report on Friday, July 22nd. Jefferies Group reissued a “neutral” rating on shares of Sonoco Products in a research report on Friday, July 22nd. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and set a $50.00 target price on shares of Sonoco Products in a research report on Wednesday, June 1st. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Sonoco Products has a consensus rating of “Hold” and a consensus price target of $45.78.
In other Sonoco Products news, VP Vicki B. Arthur sold 1,721 shares of the stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $51.00, for a total transaction of $87,771.00. Following the transaction, the vice president now owns 39,753 shares in the company, valued at $2,027,403. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James A. Harrell III sold 1,000 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $50.00, for a total value of $50,000.00. Following the transaction, the vice president now owns 3,811 shares in the company, valued at approximately $190,550. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
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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