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Teacher Retirement System of Texas Sells 9,939 Shares of Sonoco Products Company (NYSE:SON)

Sonoco Products logo with Industrials background

Teacher Retirement System of Texas lowered its stake in Sonoco Products Company (NYSE:SON - Free Report) by 26.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,449 shares of the industrial products company's stock after selling 9,939 shares during the quarter. Teacher Retirement System of Texas' holdings in Sonoco Products were worth $1,297,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. UMB Bank n.a. lifted its holdings in Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after purchasing an additional 574 shares during the period. Quarry LP lifted its holdings in Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after purchasing an additional 511 shares during the period. Colonial Trust Co SC lifted its holdings in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares during the period. True Wealth Design LLC raised its position in Sonoco Products by 650.7% in the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock worth $54,000 after acquiring an additional 950 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in Sonoco Products by 474.8% in the first quarter. Versant Capital Management Inc now owns 2,299 shares of the industrial products company's stock worth $109,000 after acquiring an additional 1,899 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Analysts Set New Price Targets

SON has been the topic of several research reports. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. UBS Group initiated coverage on shares of Sonoco Products in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 price target on the stock. Raymond James Financial boosted their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Sonoco Products has a consensus rating of "Moderate Buy" and a consensus price target of $56.75.

Read Our Latest Report on Sonoco Products

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of the stock in a transaction on Thursday, May 1st. The shares were bought at an average price of $41.17 per share, with a total value of $823,400.00. Following the purchase, the chief executive officer directly owned 502,365 shares in the company, valued at $20,682,367.05. The trade was a 4.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the stock in a transaction on Wednesday, April 30th. The shares were acquired at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the purchase, the director owned 29,540 shares in the company, valued at approximately $1,191,643.60. This represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 27,721 shares of company stock valued at $1,144,366 in the last 90 days. 0.74% of the stock is currently owned by corporate insiders.

Sonoco Products Trading Up 0.8%

NYSE SON traded up $0.38 on Wednesday, hitting $45.67. 667,973 shares of the company were exchanged, compared to its average volume of 765,738. The company's 50 day moving average price is $45.26 and its 200-day moving average price is $46.02. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The firm has a market capitalization of $4.50 billion, a P/E ratio of 29.66, a price-to-earnings-growth ratio of 0.60 and a beta of 0.68. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. Sonoco Products's quarterly revenue was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 EPS. Analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.64%. Sonoco Products's dividend payout ratio (DPR) is presently 137.66%.

Sonoco Products Company Profile

(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 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.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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