Millennium Management LLC boosted its stake in shares of Sonoco Products Co (NYSE:SON) by 5,649.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 756,841 shares of the industrial products company’s stock after acquiring an additional 743,677 shares during the period. Millennium Management LLC’s holdings in Sonoco Products were worth $36,707,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Mason Street Advisors LLC increased its stake in Sonoco Products by 2.0% during the 1st quarter. Mason Street Advisors LLC now owns 49,969 shares of the industrial products company’s stock worth $2,423,000 after acquiring an additional 1,000 shares during the period. LPL Financial LLC increased its stake in Sonoco Products by 4.3% during the 1st quarter. LPL Financial LLC now owns 25,470 shares of the industrial products company’s stock worth $1,235,000 after acquiring an additional 1,055 shares during the period. Fruth Investment Management increased its stake in Sonoco Products by 3.4% during the 1st quarter. Fruth Investment Management now owns 33,579 shares of the industrial products company’s stock worth $1,628,000 after acquiring an additional 1,103 shares during the period. Amalgamated Bank increased its stake in Sonoco Products by 5.9% during the 4th quarter. Amalgamated Bank now owns 19,805 shares of the industrial products company’s stock worth $1,052,000 after acquiring an additional 1,108 shares during the period. Finally, Signition LP increased its stake in Sonoco Products by 29.5% during the 1st quarter. Signition LP now owns 5,081 shares of the industrial products company’s stock worth $246,000 after acquiring an additional 1,157 shares during the period. Hedge funds and other institutional investors own 69.41% of the company’s stock.
Shares of SON stock opened at $51.17 on Monday. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 3.33 and a beta of 1.12. Sonoco Products Co has a fifty-two week low of $46.55 and a fifty-two week high of $55.77. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.16 and a current ratio of 1.61.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 8th. Shareholders of record on Friday, May 11th were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date was Thursday, May 10th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.39. Sonoco Products’s dividend payout ratio (DPR) is currently 58.78%.
In related news, SVP R. Howard Coker sold 4,777 shares of the firm’s stock in a transaction on Monday, April 23rd. The stock was sold at an average price of $52.00, for a total transaction of $248,404.00. Following the sale, the senior vice president now owns 173,311 shares of the company’s stock, valued at approximately $9,012,172. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Rodger D. Fuller sold 13,974 shares of the firm’s stock in a transaction on Friday, April 20th. The shares were sold at an average price of $51.05, for a total value of $713,372.70. Following the sale, the senior vice president now directly owns 72,174 shares in the company, valued at approximately $3,684,482.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,699 shares of company stock worth $1,276,076. Company insiders own 1.70% of the company’s stock.
A number of equities analysts have commented on the company. Zacks Investment Research lowered Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, May 16th. TheStreet upgraded Sonoco Products from a “c+” rating to a “b” rating in a research note on Thursday, April 19th. UBS Group assumed coverage on Sonoco Products in a research note on Friday, April 13th. They set a “buy” rating and a $55.00 price objective on the stock. Vertical Research upgraded Sonoco Products from a “hold” rating to a “buy” rating in a research note on Friday, March 23rd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a report on Thursday, April 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $54.29.
Sonoco Products 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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