Wedge Capital Management L L P NC Cuts Stock Holdings in Sonoco Products (NYSE:SON)

by · The Markets Daily

Wedge Capital Management L L P NC cut its stake in Sonoco Products (NYSE:SON – Free Report) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,996 shares of the industrial products company’s stock after selling 1,156 shares during the period. Wedge Capital Management L L P NC owned about 0.14% of Sonoco Products worth $7,266,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Sonoco Products in the 1st quarter valued at about $26,000. FinTrust Capital Advisors LLC grew its holdings in shares of Sonoco Products by 78.8% during the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 216 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonoco Products during the first quarter worth about $50,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Sonoco Products in the 2nd quarter valued at about $50,000. Finally, Gradient Investments LLC acquired a new stake in shares of Sonoco Products in the 2nd quarter valued at about $58,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They set an “outperform” rating and a $62.00 price target on the stock. StockNews.com downgraded Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. Citigroup boosted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Read Our Latest Stock Analysis on SON

Sonoco Products Stock Up 0.8 %

SON opened at $54.64 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The stock has a market capitalization of $5.37 billion, a P/E ratio of 13.80, a P/E/G ratio of 2.08 and a beta of 0.68. The business has a 50 day simple moving average of $53.35 and a 200-day simple moving average of $54.97.

Sonoco Products (NYSE:SON – Get Free Report) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company earned $1.38 earnings per share. Sonoco Products’s quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.81%. Sonoco Products’s payout ratio is 52.53%.

Sonoco Products Profile

(Free Report)

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.

Featured Articles