Osaic Holdings Inc. Raises Holdings in Sonoco Products (NYSE:SON)
Osaic Holdings Inc. grew its position in shares of Sonoco Products (NYSE:SON – Free Report) by 1,144.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 710,318 shares of the industrial products company’s stock after buying an additional 653,229 shares during the quarter. Osaic Holdings Inc. owned 0.73% of Sonoco Products worth $3,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of SON. Global Retirement Partners LLC lifted its holdings in shares of Sonoco Products by 316.2% during the 2nd quarter. Global Retirement Partners LLC now owns 795 shares of the industrial products company’s stock valued at $47,000 after buying an additional 604 shares during the period. Dark Forest Capital Management LP bought a new position in shares of Sonoco Products during the 1st quarter valued at $50,000. Pinnacle Holdings LLC bought a new position in shares of Sonoco Products during the 1st quarter valued at $58,000. Tradition Wealth Management LLC bought a new position in shares of Sonoco Products during the 1st quarter valued at $67,000. Finally, State of Wyoming lifted its holdings in shares of Sonoco Products by 263.2% during the 4th quarter. State of Wyoming now owns 2,891 shares of the industrial products company’s stock valued at $176,000 after buying an additional 2,095 shares during the period. 76.20% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities analysts have recently weighed in on SON shares. Wells Fargo & Company lowered their price target on Sonoco Products from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Thursday, October 19th. Citigroup decreased their target price on Sonoco Products from $69.00 to $65.00 in a report on Tuesday, October 10th. Finally, StockNews.com raised Sonoco Products from a “hold” rating to a “buy” rating in a report on Tuesday, November 28th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and a consensus price target of $61.40.
View Our Latest Report on Sonoco Products
Sonoco Products Price Performance
NYSE:SON opened at $56.11 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.89 and a debt-to-equity ratio of 1.37. The business’s 50-day simple moving average is $53.78 and its two-hundred day simple moving average is $56.50. The stock has a market cap of $5.50 billion, a PE ratio of 11.31, a P/E/G ratio of 2.11 and a beta of 0.71. Sonoco Products has a 52 week low of $49.98 and a 52 week high of $63.74.
Sonoco Products (NYSE:SON – Get Free Report) last posted its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.23. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Sonoco Products had a return on equity of 24.40% and a net margin of 7.20%. The business’s quarterly revenue was down 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.60 earnings per share. As a group, analysts forecast that Sonoco Products will post 5.3 EPS for the current fiscal year.
Sonoco Products Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Friday, November 10th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.64%. Sonoco Products’s payout ratio is 41.13%.
About Sonoco Products (Free Report)
Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging.
Further Reading
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Original: MarketBeat News Feed: Osaic Holdings Inc. Raises Holdings in Sonoco Products (NYSE:SON)