Pratt Collard Advisory Partners LLC bought a new stake in Sonoco Products Co (NYSE:SON) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,717 shares of the industrial products company’s stock, valued at approximately $206,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Vident Investment Advisory LLC raised its position in shares of Sonoco Products by 4.2% in the second quarter. Vident Investment Advisory LLC now owns 24,019 shares of the industrial products company’s stock valued at $1,261,000 after buying an additional 968 shares during the last quarter. LPL Financial LLC grew its holdings in shares of Sonoco Products by 4.3% in the first quarter. LPL Financial LLC now owns 25,470 shares of the industrial products company’s stock valued at $1,235,000 after purchasing an additional 1,055 shares during the period. Bank of Montreal Can grew its holdings in shares of Sonoco Products by 9.8% in the second quarter. Bank of Montreal Can now owns 12,473 shares of the industrial products company’s stock valued at $655,000 after purchasing an additional 1,111 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Sonoco Products by 3.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 38,408 shares of the industrial products company’s stock valued at $2,016,000 after purchasing an additional 1,120 shares during the period. Finally, American International Group Inc. grew its holdings in shares of Sonoco Products by 0.7% in the second quarter. American International Group Inc. now owns 200,361 shares of the industrial products company’s stock valued at $10,519,000 after purchasing an additional 1,367 shares during the period. Institutional investors and hedge funds own 70.53% of the company’s stock.
SON stock traded up $0.50 during mid-day trading on Friday, hitting $55.55. 63,126 shares of the company were exchanged, compared to its average volume of 501,389. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.53 and a quick ratio of 1.07. The firm has a market cap of $5.25 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 3.42 and a beta of 1.07. Sonoco Products Co has a 12-month low of $46.55 and a 12-month high of $58.69.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 9th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Thursday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 58.78%.
A number of equities research analysts recently issued reports on SON shares. Barclays upped their price objective on shares of Sonoco Products from $55.00 to $58.00 and gave the company a “$56.02” rating in a report on Monday, July 23rd. Zacks Investment Research raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Wednesday, August 1st. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a report on Thursday. Finally, DA Davidson upped their price objective on shares of Sonoco Products to $57.00 and gave the company a “neutral” rating in a report on Friday, July 20th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Sonoco Products presently has a consensus rating of “Hold” and an average price target of $59.00.
In other Sonoco Products news, CFO Barry L. Saunders sold 6,580 shares of the stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $55.85, for a total transaction of $367,493.00. Following the completion of the transaction, the chief financial officer now owns 91,181 shares of the company’s stock, valued at $5,092,458.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Rodger D. Fuller sold 1,884 shares of the stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $55.70, for a total transaction of $104,938.80. Following the transaction, the senior vice president now directly owns 82,174 shares of the company’s stock, valued at approximately $4,577,091.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,602 shares of company stock valued at $536,285. 1.70% of the stock is currently owned by insiders.
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.
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