Sonoco Products Co (NYSE:SON) was the recipient of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 3,311,100 shares, a drop of 7.9% from the July 31st total of 3,595,000 shares. Currently, 3.4% of the shares of the company are sold short. Based on an average trading volume of 452,000 shares, the short-interest ratio is presently 7.3 days.
Several brokerages have commented on SON. ValuEngine lowered Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday, July 18th. Goldman Sachs Group lowered Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price objective on the stock. in a report on Monday, June 24th. Bank of America lowered Sonoco Products from a “neutral” rating to an “underperform” rating in a report on Friday, July 12th. Robert W. Baird set a $70.00 target price on Sonoco Products and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, BMO Capital Markets downgraded Sonoco Products from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $60.00 to $56.00 in a research report on Monday, July 15th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $61.17.
Shares of NYSE SON traded down $0.06 during midday trading on Friday, hitting $59.29. The stock had a trading volume of 335,845 shares, compared to its average volume of 344,640. The company has a market capitalization of $5.94 billion, a PE ratio of 17.59, a P/E/G ratio of 3.56 and a beta of 0.90. The stock has a 50 day simple moving average of $57.98 and a 200-day simple moving average of $61.29. Sonoco Products has a 1 year low of $50.30 and a 1 year high of $66.57. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.64.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $1.72 annualized dividend and a yield of 2.90%. Sonoco Products’s payout ratio is 51.04%.
In related news, VP Marcy J. Thompson sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.37, for a total transaction of $72,539.34. Following the sale, the vice president now directly owns 18,938 shares of the company’s stock, valued at $1,162,225.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Sonoco Products by 1.8% during the 2nd quarter. BlackRock Inc. now owns 11,511,630 shares of the industrial products company’s stock worth $752,172,000 after purchasing an additional 203,903 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Sonoco Products by 12.1% in the 2nd quarter. Invesco Ltd. now owns 4,275,629 shares of the industrial products company’s stock valued at $279,369,000 after purchasing an additional 460,426 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Sonoco Products by 4.2% in the 2nd quarter. Bank of America Corp DE now owns 2,157,284 shares of the industrial products company’s stock valued at $140,956,000 after purchasing an additional 86,954 shares during the last quarter. APG Asset Management N.V. lifted its holdings in shares of Sonoco Products by 79.4% in the 2nd quarter. APG Asset Management N.V. now owns 1,960,200 shares of the industrial products company’s stock valued at $112,469,000 after purchasing an additional 867,400 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Sonoco Products by 6.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,790,540 shares of the industrial products company’s stock valued at $95,129,000 after purchasing an additional 101,969 shares during the last quarter. 74.12% of the stock is owned by hedge funds and other institutional investors.
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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