Pictet Asset Management Ltd. lifted its position in shares of Sonoco Products Co (NYSE:SON) by 56.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 136,967 shares of the industrial products company’s stock after buying an additional 49,435 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.14% of Sonoco Products worth $7,973,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of SON. Stifel Financial Corp boosted its position in shares of Sonoco Products by 3.5% during the third quarter. Stifel Financial Corp now owns 276,332 shares of the industrial products company’s stock worth $16,130,000 after acquiring an additional 9,330 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Sonoco Products during the 3rd quarter worth approximately $34,000. BBVA USA Bancshares Inc. boosted its position in shares of Sonoco Products by 17.6% during the 3rd quarter. BBVA USA Bancshares Inc. now owns 3,841 shares of the industrial products company’s stock valued at $224,000 after acquiring an additional 576 shares during the last quarter. Fulcrum Equity Management grew its holdings in shares of Sonoco Products by 5.5% in the third quarter. Fulcrum Equity Management now owns 6,870 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 358 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in Sonoco Products by 114.1% in the third quarter. SG Americas Securities LLC now owns 51,366 shares of the industrial products company’s stock worth $2,990,000 after purchasing an additional 27,369 shares during the last quarter. 72.15% of the stock is owned by institutional investors.
NYSE:SON opened at $59.80 on Wednesday. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 3.80 and a beta of 0.89. Sonoco Products Co has a twelve month low of $50.30 and a twelve month high of $66.57. The company has a current ratio of 1.20, a quick ratio of 0.82 and a debt-to-equity ratio of 0.64. The stock has a fifty day simple moving average of $58.65 and a 200-day simple moving average of $60.24.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be paid a $0.43 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.72 annualized dividend and a yield of 2.88%. Sonoco Products’s dividend payout ratio (DPR) is currently 51.04%.
In other Sonoco Products news, VP James A. Harrell III sold 825 shares of Sonoco Products stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $60.00, for a total transaction of $49,500.00. Following the completion of the sale, the vice president now directly owns 16,413 shares of the company’s stock, valued at approximately $984,780. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.
Several research firms have commented on SON. ValuEngine upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Vertical Group upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Robert W. Baird reduced their target price on shares of Sonoco Products from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Finally, BMO Capital Markets upgraded shares of Sonoco Products from an “underperform” rating to a “market perform” rating and set a $56.00 target price for the company in a report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $60.33.
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.
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