Picton Mahoney Asset Management Grows Holdings in Sonoco Products Company (NYSE:SON)

Picton Mahoney Asset Management lifted its holdings in Sonoco Products Company (NYSE:SON - Free Report) by 38,195.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,042 shares of the industrial products company's stock after acquiring an additional 8,021 shares during the period. Picton Mahoney Asset Management's holdings in Sonoco Products were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Beverly Hills Private Wealth LLC boosted its holdings in shares of Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock worth $268,000 after buying an additional 224 shares during the last quarter. Treasurer of the State of North Carolina raised its position in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after acquiring an additional 270 shares during the period. IVC Wealth Advisors LLC boosted its stake in Sonoco Products by 4.6% in the first quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after acquiring an additional 288 shares during the last quarter. State of Michigan Retirement System grew its position in shares of Sonoco Products by 1.3% during the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after acquiring an additional 300 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Sonoco Products by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock worth $543,000 after purchasing an additional 305 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

SON stock traded down $0.83 during mid-day trading on Friday, reaching $44.24. 1,661,023 shares of the company traded hands, compared to its average volume of 1,018,377. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $56.77. The company has a market capitalization of $4.36 billion, a P/E ratio of 7.93, a P/E/G ratio of 0.60 and a beta of 0.69. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The company has a fifty day moving average price of $45.59 and a 200-day moving average price of $45.95.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.07). The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products's revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 EPS. As a group, analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 4.8%. Sonoco Products's dividend payout ratio (DPR) is currently 37.99%.

Analyst Ratings Changes

Several research firms recently commented on SON. Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. UBS Group upped their price target on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Raymond James Financial boosted their price objective on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and increased their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.63.

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 Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.