Assenagon Asset Management S.A. Invests $3.26 Million in Sonoco Products Co (NYSE:SON)
Assenagon Asset Management S.A. bought a new stake in Sonoco Products Co (NYSE:SON) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 55,987 shares of the industrial products company’s stock, valued at approximately $3,259,000. Assenagon Asset Management S.A. owned 0.06% of Sonoco Products as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of SON. Krane Funds Advisors LLC bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $25,000. Captrust Financial Advisors raised its holdings in shares of Sonoco Products by 84.4% in the 2nd quarter. Captrust Financial Advisors now owns 651 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 298 shares during the period. FinTrust Capital Advisors LLC raised its holdings in shares of Sonoco Products by 311.5% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 679 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 514 shares during the period. Kavar Capital Partners LLC bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $46,000. Finally, Machina Capital S.A.S. bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $56,000. 73.65% of the stock is currently owned by institutional investors.
SON has been the topic of a number of research analyst reports. Goldman Sachs Group cut shares of Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 target price on the stock. in a report on Monday, June 24th. ValuEngine cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Bank of America cut shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a report on Friday, July 12th. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Friday. Finally, Robert W. Baird lowered their price target on shares of Sonoco Products from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday. Four research 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. The stock currently has a consensus rating of “Hold” and a consensus target price of $60.33.
Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.06. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The business’s revenue was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 EPS. Equities analysts anticipate that Sonoco Products Co will post 3.57 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a $0.43 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.72 annualized dividend and a yield of 2.97%. Sonoco Products’s dividend payout ratio is currently 51.04%.
In other Sonoco Products news, VP Marcy J. Thompson sold 1,182 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.37, for a total value of $72,539.34. Following the transaction, the vice president now directly owns 18,938 shares of the company’s stock, valued at approximately $1,162,225.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.
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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