Clinton Group Inc. acquired a new stake in shares of Sonoco Products Co (NYSE:SON) during the third quarter, according to its most recent filing with the SEC. The fund acquired 7,810 shares of the industrial products company’s stock, valued at approximately $433,000.
Several other large investors also recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. bought a new position in Sonoco Products in the 2nd quarter worth about $183,000. Dividend Assets Capital LLC bought a new position in Sonoco Products in the 2nd quarter worth about $201,000. UMB Bank N A MO bought a new position in Sonoco Products in the 2nd quarter worth about $201,000. KC Investment Advisors LLC bought a new position in Sonoco Products in the 2nd quarter worth about $207,000. Finally, Financial Gravity Wealth Inc. bought a new position in Sonoco Products in the 1st quarter worth about $203,000. Institutional investors own 70.51% of the company’s stock.
Shares of Sonoco Products stock opened at $51.81 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.53. The stock has a market cap of $5.53 billion, a PE ratio of 18.78, a PEG ratio of 3.56 and a beta of 1.07. Sonoco Products Co has a 12 month low of $46.55 and a 12 month high of $58.69.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.86 by $0.07. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.34 billion. Sonoco Products had a return on equity of 18.01% and a net margin of 4.57%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 EPS. Research analysts forecast that Sonoco Products Co will post 3.34 EPS for the current year.
A number of equities analysts have weighed in on SON shares. Zacks Investment Research lowered Sonoco Products from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Barclays upped their target price on Sonoco Products from $55.00 to $58.00 and gave the stock a “$56.02” rating in a research note on Monday, July 23rd. Finally, DA Davidson upped their target price on Sonoco Products to $57.00 and gave the stock a “neutral” rating in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Sonoco Products has an average rating of “Hold” and a consensus price target of $59.00.
In other news, CFO Barry L. Saunders sold 6,580 shares of the stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $55.85, for a total transaction of $367,493.00. Following the transaction, the chief financial officer now directly owns 91,181 shares in the company, valued at approximately $5,092,458.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Allan H. Mcleland sold 7,705 shares of the stock in a transaction dated Friday, July 20th. The shares were sold at an average price of $56.77, for a total value of $437,412.85. Following the transaction, the vice president now owns 46,575 shares in the company, valued at $2,644,062.75. The disclosure for this sale can be found here. Insiders have sold a total of 18,612 shares of company stock worth $1,047,835 over the last quarter. Corporate insiders own 1.70% of the company’s stock.
About Sonoco Products
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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