Grandfield & Dodd LLC continued to hold its stake in shares of Sonoco Products Co. (NYSE:SON) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,666 shares of the company’s stock at the end of the second quarter. Grandfield & Dodd LLC’s holdings in Sonoco Products were worth $480,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of SON. Huntington Asset Advisors Inc. bought a new position in Sonoco Products during the first quarter worth $534,000. NN Investment Partners Holdings N.V. acquired a new stake in shares of Sonoco Products during the first quarter worth approximately $917,000. Baker Ellis Asset Management LLC boosted its stake in shares of Sonoco Products by 6.0% in the first quarter. Baker Ellis Asset Management LLC now owns 44,909 shares of the company’s stock worth $2,181,000 after buying an additional 2,560 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Sonoco Products by 0.8% in the first quarter. JPMorgan Chase & Co. now owns 306,877 shares of the company’s stock worth $14,904,000 after buying an additional 2,561 shares during the last quarter. Finally, Impax Asset Management LTD boosted its stake in shares of Sonoco Products by 4.0% in the first quarter. Impax Asset Management LTD now owns 64,600 shares of the company’s stock worth $3,137,000 after buying an additional 2,500 shares during the last quarter. 68.99% of the stock is owned by institutional investors and hedge funds.
Shares of Sonoco Products Co. (NYSE:SON) traded up 0.85% during trading on Wednesday, hitting $50.93. 498,666 shares of the stock were exchanged. Sonoco Products Co. has a 52-week low of $36.56 and a 52-week high of $53.57. The stock has a market cap of $5.11 billion, a PE ratio of 24.14 and a beta of 1.01. The firm has a 50 day moving average of $51.98 and a 200-day moving average of $49.47.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.05. The company earned $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. Sonoco Products had a net margin of 4.37% and a return on equity of 17.66%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 earnings per share. Equities research analysts anticipate that Sonoco Products Co. will post $2.72 earnings per share for the current fiscal year.
The company 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. This represents a $1.48 annualized dividend and a yield of 2.91%. The ex-dividend date was Wednesday, August 10th. Sonoco Products’s dividend payout ratio is currently 69.81%.
SON has been the topic of a number of recent research reports. Bank of America Corp. cut shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Monday. They noted that the move was a valuation call. Zacks Investment Research cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Monday, June 27th. Jefferies Group upped their price target on shares of Sonoco Products from $42.00 to $46.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Barclays PLC upped their price target on shares of Sonoco Products from $40.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, July 25th. Finally, BMO Capital Markets restated a “hold” rating and set a $46.00 price target on shares of Sonoco Products in a research note on Friday, July 22nd. Six research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $46.25.
In other Sonoco Products news, Director John E. Linville sold 33,746 shares of Sonoco Products stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $51.54, for a total transaction of $1,739,268.84. Following the transaction, the director now 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 is available through the SEC website. Also, CEO Mancil J. Sanders sold 16,254 shares of Sonoco Products stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.00, for a total transaction of $845,208.00. Following the transaction, the chief executive officer now directly owns 187,296 shares in the company, valued at approximately $9,739,392. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
About Sonoco Products
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.
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 Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products Co. and related companies with MarketBeat.com's FREE daily email newsletter.