Moody Lynn & Lieberson LLC cut its stake in shares of Sonoco Products Co (NYSE:SON) by 3.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,202 shares of the industrial products company’s stock after selling 249 shares during the period. Moody Lynn & Lieberson LLC’s holdings in Sonoco Products were worth $443,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in SON. Bank of New York Mellon Corp grew its stake in shares of Sonoco Products by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,385,579 shares of the industrial products company’s stock valued at $76,899,000 after buying an additional 17,255 shares during the period. Standard Life Aberdeen plc grew its stake in shares of Sonoco Products by 37.8% during the 3rd quarter. Standard Life Aberdeen plc now owns 7,927 shares of the industrial products company’s stock valued at $440,000 after buying an additional 2,176 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Sonoco Products by 29.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 667,632 shares of the industrial products company’s stock valued at $37,053,000 after buying an additional 152,423 shares during the period. BlueMountain Capital Management LLC purchased a new stake in shares of Sonoco Products during the 3rd quarter valued at $564,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Sonoco Products by 3.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 164,819 shares of the industrial products company’s stock valued at $9,148,000 after buying an additional 6,150 shares during the period. 74.49% of the stock is owned by institutional investors.
In other Sonoco Products news, SVP Rodger D. Fuller sold 5,085 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $60.25, for a total value of $306,371.25. Following the transaction, the senior vice president now owns 72,978 shares in the company, valued at approximately $4,396,924.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin P. Mahoney sold 1,119 shares of the business’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $59.57, for a total transaction of $66,658.83. Following the completion of the transaction, the senior vice president now owns 2,295 shares in the company, valued at approximately $136,713.15. The disclosure for this sale can be found here. Insiders have sold a total of 25,914 shares of company stock worth $1,551,838 in the last 90 days. Company insiders own 1.30% of the company’s stock.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.37 billion. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.74 EPS. Sell-side analysts forecast that Sonoco Products Co will post 3.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a dividend of $0.43 per share. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. The ex-dividend date is Thursday, May 9th. This represents a $1.72 annualized dividend and a dividend yield of 2.81%. Sonoco Products’s payout ratio is presently 48.66%.
SON has been the subject of several research reports. Wells Fargo & Co reissued a “hold” rating on shares of Sonoco Products in a research note on Thursday, February 14th. KeyCorp restated a “hold” rating on shares of Sonoco Products in a report on Thursday, February 14th. Zacks Investment Research restated a “hold” rating and set a $56.00 target price on shares of Sonoco Products in a report on Monday, December 31st. Finally, Vertical Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $57.25.
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About Sonoco Products
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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