Credit Suisse AG lessened its position in Sonoco Products (NYSE:SON – Free Report) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 372,510 shares of the industrial products company’s stock after selling 3,208 shares during the quarter. Credit Suisse AG owned approximately 0.38% of Sonoco Products worth $22,723,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Merit Financial Group LLC raised its holdings in shares of Sonoco Products by 5.4% in the 1st quarter. Merit Financial Group LLC now owns 3,504 shares of the industrial products company’s stock valued at $214,000 after buying an additional 180 shares during the period. Creative Planning grew its stake in Sonoco Products by 4.1% during the 2nd quarter. Creative Planning now owns 5,426 shares of the industrial products company’s stock worth $309,000 after purchasing an additional 214 shares in the last quarter. Centennial Wealth Advisory LLC grew its stake in Sonoco Products by 4.8% during the 1st quarter. Centennial Wealth Advisory LLC now owns 5,072 shares of the industrial products company’s stock worth $309,000 after purchasing an additional 234 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its stake in Sonoco Products by 1.1% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 21,696 shares of the industrial products company’s stock worth $1,293,000 after purchasing an additional 235 shares in the last quarter. Finally, Ascent Group LLC grew its stake in Sonoco Products by 0.6% during the 4th quarter. Ascent Group LLC now owns 37,107 shares of the industrial products company’s stock worth $2,253,000 after purchasing an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 75.74% of the company’s stock.
Sonoco Products Stock Down 0.2 %
Sonoco Products stock opened at $55.89 on Thursday. Sonoco Products has a fifty-two week low of $53.78 and a fifty-two week high of $65.86. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.93 and a current ratio of 1.55. The company has a market capitalization of $5.47 billion, a P/E ratio of 11.45, a PEG ratio of 2.15 and a beta of 0.68. The stock has a 50-day simple moving average of $57.85 and a 200-day simple moving average of $59.09.
Sonoco Products Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Wednesday, August 9th. Sonoco Products’s payout ratio is currently 41.80%.
Analyst Upgrades and Downgrades
Several research firms recently commented on SON. Argus cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Citigroup lowered their target price on Sonoco Products from $70.00 to $68.00 in a research note on Monday, July 10th. StockNews.com began coverage on Sonoco Products in a research note on Thursday, August 17th. They set a “hold” rating for the company. Bank of America lowered their price objective on Sonoco Products from $80.00 to $68.00 in a research report on Monday, July 10th. Finally, Wells Fargo & Company lowered their price objective on Sonoco Products from $61.00 to $55.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $62.17.
Sonoco Products Profile
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.
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