Sonoco Products Co (NYSE:SON) Stake Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its stake in Sonoco Products Co (NYSE:SON) by 2.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,210 shares of the industrial products company’s stock after selling 722 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sonoco Products were worth $1,489,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of SON. Oregon Public Employees Retirement Fund raised its stake in shares of Sonoco Products by 5,213.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,066,704 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 2,027,805 shares in the last quarter. Norges Bank acquired a new stake in Sonoco Products during the fourth quarter worth about $55,542,000. Rothschild & Co. Asset Management US Inc. acquired a new stake in Sonoco Products during the first quarter worth about $21,761,000. BlackRock Inc. raised its stake in Sonoco Products by 3.1% during the fourth quarter. BlackRock Inc. now owns 11,331,928 shares of the industrial products company’s stock worth $602,065,000 after acquiring an additional 336,758 shares during the period. Finally, APG Asset Management N.V. acquired a new stake in Sonoco Products during the fourth quarter worth about $14,338,000. Institutional investors and hedge funds own 73.89% of the company’s stock.

In other Sonoco Products news, SVP Rodger D. Fuller sold 5,085 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 72,978 shares in the company, valued at $4,396,924.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP R. Howard Coker sold 6,484 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total transaction of $401,618.96. Following the completion of the sale, the senior vice president now owns 215,108 shares in the company, valued at approximately $13,323,789.52. The disclosure for this sale can be found here. Insiders sold 12,381 shares of company stock worth $758,537 in the last 90 days. 1.30% of the stock is owned by company insiders.

SON has been the topic of several research reports. ValuEngine upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating in a research note on Friday, June 7th. Argus upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Wednesday, April 24th. Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the stock a “hold” rating in a research note on Monday, April 22nd. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research note on Sunday, April 21st. Finally, Vertical Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $59.40.

SON opened at $65.49 on Friday. The stock has a market cap of $6.57 billion, a P/E ratio of 19.43, a price-to-earnings-growth ratio of 3.93 and a beta of 0.96. Sonoco Products Co has a fifty-two week low of $50.30 and a fifty-two week high of $66.23. The company has a current ratio of 1.36, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.05. The firm 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%. Sonoco Products’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.74 earnings per share. Sell-side analysts predict that Sonoco Products Co will post 3.58 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 10th were paid a $0.43 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.72 annualized dividend and a dividend yield of 2.63%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. Sonoco Products’s dividend payout ratio (DPR) is presently 51.04%.

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Sonoco Products Company 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.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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