Morgan Stanley increased its holdings in Sonoco Products Co (NYSE:SON) by 94.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 429,230 shares of the industrial products company’s stock after buying an additional 208,247 shares during the period. Morgan Stanley owned 0.43% of Sonoco Products worth $19,895,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of SON. Victory Capital Management Inc. increased its stake in Sonoco Products by 3.9% during the 4th quarter. Victory Capital Management Inc. now owns 1,551,302 shares of the industrial products company’s stock worth $95,746,000 after acquiring an additional 58,567 shares during the period. Geode Capital Management LLC grew its holdings in shares of Sonoco Products by 3.0% during the 1st quarter. Geode Capital Management LLC now owns 1,152,252 shares of the industrial products company’s stock worth $53,406,000 after purchasing an additional 33,568 shares in the last quarter. APG Asset Management N.V. increased its position in shares of Sonoco Products by 39.3% in the first quarter. APG Asset Management N.V. now owns 1,092,800 shares of the industrial products company’s stock worth $59,883,000 after purchasing an additional 308,157 shares during the period. Norges Bank acquired a new position in Sonoco Products in the fourth quarter valued at about $66,761,000. Finally, First Trust Advisors LP raised its stake in Sonoco Products by 6.2% in the first quarter. First Trust Advisors LP now owns 948,743 shares of the industrial products company’s stock valued at $43,974,000 after purchasing an additional 55,624 shares in the last quarter. 73.93% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently commented on SON. DA Davidson upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Friday, April 17th. Robert W. Baird lowered their price objective on shares of Sonoco Products from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, April 17th. Deutsche Bank reduced their target price on Sonoco Products from $61.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday, April 16th. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, April 22nd. Finally, Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating and set a $52.00 price objective on the stock. in a research note on Friday, May 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Sonoco Products presently has a consensus rating of “Hold” and a consensus target price of $54.57.
Shares of SON stock opened at $52.29 on Wednesday. Sonoco Products Co has a twelve month low of $37.30 and a twelve month high of $66.57. The stock’s fifty day simple moving average is $50.45 and its 200 day simple moving average is $52.66. The company has a quick ratio of 0.74, a current ratio of 1.11 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $5.20 billion, a P/E ratio of 17.79, a P/E/G ratio of 3.06 and a beta of 0.82.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, April 16th. The industrial products company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.10. Sonoco Products had a return on equity of 20.13% and a net margin of 5.61%. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the firm posted $0.85 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities research analysts expect that Sonoco Products Co will post 3.25 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th were issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Thursday, May 7th. Sonoco Products’s payout ratio is 48.73%.
Sonoco Products 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.
Further Reading: How prevalent are 12b-1 fees?
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.