OxFORD Asset Management LLP bought a new stake in Sonoco Products Company (NYSE:SON) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 25,776 shares of the industrial products company’s stock, valued at approximately $1,325,000.
A number of other institutional investors have also added to or reduced their stakes in SON. BlackRock Inc. increased its stake 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 purchasing an additional 10,889,296 shares during the last quarter. Vanguard Group Inc. increased its stake 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 purchasing an additional 1,280,470 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in Sonoco Products in the second quarter valued at $42,170,000. Renaissance Technologies LLC increased its stake in Sonoco Products by 455.3% in the second quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after purchasing an additional 661,500 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Sonoco Products by 13.1% in the second quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after purchasing an additional 257,969 shares during the last quarter. Hedge funds and other institutional investors own 72.46% of the company’s stock.
Several equities analysts recently commented on SON shares. Bank of America Corporation upgraded Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, September 6th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a research note on Wednesday, August 2nd. Robert W. Baird reiterated a “buy” rating and issued a $60.00 target price on shares of Sonoco Products in a research note on Friday, September 1st. Barclays PLC reiterated an “underweight” rating and issued a $48.00 target price (up from $45.00) on shares of Sonoco Products in a research note on Monday, July 24th. Finally, Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $51.83.
Shares of Sonoco Products Company (SON) opened at 51.13 on Thursday. The stock has a market cap of $5.08 billion, a P/E ratio of 19.41 and a beta of 1.13. Sonoco Products Company has a 52-week low of $47.10 and a 52-week high of $55.58. The firm’s 50-day moving average price is $49.20 and its 200-day moving average price is $50.53.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $0.73 earnings per share. Sonoco Products’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.
In other Sonoco Products news, VP Marcy J. Thompson sold 565 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $51.00, for a total transaction of $28,815.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.
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Sonoco Products Company Profile
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.
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