Private Management Group Inc. Purchases Shares of 457,523 Sonoco Products (NYSE:SON)

by · The Markets Daily

Private Management Group Inc. acquired a new stake in Sonoco Products (NYSE:SON – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 457,523 shares of the industrial products company’s stock, valued at approximately $24,994,000. Private Management Group Inc. owned 0.47% of Sonoco Products as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in shares of Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after purchasing an additional 1,965,698 shares during the period. Dimensional Fund Advisors LP boosted its position in Sonoco Products by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares in the last quarter. AQR Capital Management LLC grew its holdings in Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after purchasing an additional 248,236 shares during the period. Sound Income Strategies LLC purchased a new stake in shares of Sonoco Products in the third quarter valued at approximately $9,935,000. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of Sonoco Products in the first quarter valued at approximately $8,507,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SON. Raymond James started coverage on shares of Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target on the stock. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to MarketBeat, Sonoco Products currently has an average rating of “Moderate Buy” and a consensus price target of $59.00.

View Our Latest Report on SON

Sonoco Products Trading Down 2.6 %

Shares of Sonoco Products stock traded down $1.38 on Friday, reaching $51.14. The company had a trading volume of 1,382,678 shares, compared to its average volume of 588,379. The firm’s 50 day moving average price is $54.03 and its two-hundred day moving average price is $54.57. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm has a market cap of $5.02 billion, a PE ratio of 17.57, a PEG ratio of 2.20 and a beta of 0.69.

Sonoco Products (NYSE:SON – Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.05. Sonoco Products had a return on equity of 20.03% and a net margin of 4.38%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the company earned $1.46 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. Sell-side analysts predict that Sonoco Products will post 5 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.07%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 71.48%.

Sonoco Products Company 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.

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