Comerica Bank increased its stake in shares of Sonoco Products Company (NYSE:SON) by 0.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 86,343 shares of the industrial products company’s stock after buying an additional 560 shares during the period. Comerica Bank owned about 0.09% of Sonoco Products worth $4,215,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SON. BlackRock Inc. boosted its position in Sonoco Products by 5,164.3% in the first quarter. BlackRock Inc. now owns 11,100,154 shares of the industrial products company’s stock valued at $587,419,000 after buying an additional 10,889,296 shares during the last quarter. Vanguard Group Inc. boosted its position in Sonoco Products by 15.5% in the first quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock valued at $503,591,000 after buying an additional 1,280,470 shares during the last quarter. American Century Companies Inc. boosted its position in Sonoco Products by 21.4% in the first quarter. American Century Companies Inc. now owns 1,971,998 shares of the industrial products company’s stock valued at $104,358,000 after buying an additional 347,375 shares during the last quarter. AQR Capital Management LLC boosted its position in Sonoco Products by 18.2% in the first quarter. AQR Capital Management LLC now owns 1,234,161 shares of the industrial products company’s stock valued at $65,311,000 after buying an additional 190,402 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its position in Sonoco Products by 448.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 206,785 shares of the industrial products company’s stock valued at $10,943,000 after buying an additional 169,061 shares during the last quarter. 72.57% of the stock is owned by hedge funds and other institutional investors.

Shares of Sonoco Products Company (NYSE:SON) opened at 47.79 on Monday. Sonoco Products Company has a one year low of $47.10 and a one year high of $55.58. The firm’s 50-day moving average is $49.46 and its 200-day moving average is $51.49. The stock has a market capitalization of $4.75 billion, a PE ratio of 18.14 and a beta of 1.12.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.71. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.73 earnings per share. On average, analysts expect that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s dividend payout ratio is presently 59.09%.

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SON has been the subject of a number of research reports. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a report on Wednesday, August 2nd. Bank of America Corporation upped their target price on shares of Sonoco Products from $55.00 to $56.00 and gave the company an “underperform” rating in a report on Friday, July 21st. Robert W. Baird raised shares of Sonoco Products from a “neutral” rating to an “outperform” rating and upped their target price for the company from $55.00 to $60.00 in a report on Wednesday, July 19th. Barclays PLC reaffirmed an “underweight” rating and set a $48.00 target price (up from $45.00) on shares of Sonoco Products in a report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “neutral” rating on shares of Sonoco Products in a report on Wednesday, June 28th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Sonoco Products presently has an average rating of “Hold” and a consensus price target of $52.57.

About Sonoco Products

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.

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

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