Retirement Systems of Alabama increased its stake in Sonoco Products Co (NYSE:SON) by 0.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,603 shares of the industrial products company’s stock after acquiring an additional 654 shares during the period. Retirement Systems of Alabama’s holdings in Sonoco Products were worth $21,142,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hirtle Callaghan & Co LLC bought a new stake in shares of Sonoco Products during the fourth quarter valued at approximately $35,000. Oregon Public Employees Retirement Fund raised its stake in shares of Sonoco Products by 5,213.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,066,704 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 2,027,805 shares in the last quarter. Tributary Capital Management LLC bought a new position in Sonoco Products in the fourth quarter worth approximately $46,000. Rehmann Capital Advisory Group raised its stake in Sonoco Products by 40.5% in the fourth quarter. Rehmann Capital Advisory Group now owns 1,137 shares of the industrial products company’s stock worth $60,000 after buying an additional 328 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in Sonoco Products by 67.5% in the fourth quarter. Meeder Asset Management Inc. now owns 1,330 shares of the industrial products company’s stock worth $71,000 after buying an additional 536 shares in the last quarter. Institutional investors own 74.49% of the company’s stock.
SON has been the subject of a number of recent research reports. Wells Fargo & Co reissued a “hold” rating on shares of Sonoco Products in a research note on Thursday, February 14th. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a research note on Thursday, February 14th. Zacks Investment Research reissued a “hold” rating and issued a $56.00 price objective on shares of Sonoco Products in a research note on Monday, December 31st. Finally, Vertical Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $56.50.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, February 14th. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.37 billion. Sonoco Products had a return on equity of 18.94% and a net margin of 5.82%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 earnings per share. On average, analysts predict that Sonoco Products Co will post 3.52 earnings per share for the current year.
In other news, SVP Rodger D. Fuller sold 6,224 shares of the company’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $59.90, for a total transaction of $372,817.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP R. Howard Coker sold 6,474 shares of the company’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $59.78, for a total value of $387,015.72. Following the transaction, the senior vice president now directly owns 212,341 shares in the company, valued at $12,693,744.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,829 shares of company stock worth $1,245,466. Insiders own 1.30% of the company’s stock.
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: Balanced Fund
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