Alaska Permanent Fund Corp Lowers Holdings in Sonoco Products (NYSE:SON)

Alaska Permanent Fund Corp lowered its holdings in Sonoco Products (NYSE:SON - Free Report) by 47.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,395 shares of the industrial products company's stock after selling 28,081 shares during the quarter. Alaska Permanent Fund Corp's holdings in Sonoco Products were worth $1,754,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Sonoco Products by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company's stock valued at $596,205,000 after purchasing an additional 64,047 shares during the period. Foundry Partners LLC grew its position in Sonoco Products by 36.6% in the 3rd quarter. Foundry Partners LLC now owns 72,266 shares of the industrial products company's stock valued at $3,928,000 after purchasing an additional 19,354 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Sonoco Products in the 3rd quarter valued at $624,000. Financial Engines Advisors L.L.C. grew its position in Sonoco Products by 84.8% in the 3rd quarter. Financial Engines Advisors L.L.C. now owns 27,600 shares of the industrial products company's stock valued at $1,500,000 after purchasing an additional 12,661 shares during the period. Finally, Kestra Advisory Services LLC grew its position in Sonoco Products by 14.3% in the 3rd quarter. Kestra Advisory Services LLC now owns 32,499 shares of the industrial products company's stock valued at $1,766,000 after purchasing an additional 4,058 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on SON shares. TheStreet downgraded shares of Sonoco Products from a "b-" rating to a "c+" rating in a research report on Wednesday, February 14th. Wells Fargo & Company cut their price objective on shares of Sonoco Products from $58.00 to $56.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 20th. Finally, Citigroup cut their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a "buy" rating on the stock in a report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.00.

Insider Buying and Selling

In related news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the transaction, the insider now directly owns 13,456 shares of the company's stock, valued at approximately $774,123.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Sonoco Products news, insider Russell K. Grissett sold 2,039 shares of the company's stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the sale, the insider now directly owns 11,988 shares of the company's stock, valued at $672,047.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total transaction of $604,065.00. Following the sale, the insider now directly owns 13,456 shares in the company, valued at $774,123.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,076 shares of company stock valued at $749,002. 0.51% of the stock is owned by insiders.

Sonoco Products Stock Up 0.6 %

SON traded up $0.33 during mid-day trading on Friday, reaching $56.51. 342,685 shares of the stock were exchanged, compared to its average volume of 430,805. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76. The stock has a market capitalization of $5.55 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. The company has a 50 day moving average price of $56.93 and a two-hundred day moving average price of $55.92. Sonoco Products has a 1 year low of $49.98 and a 1 year high of $63.74.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The company had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. Sonoco Products's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $1.27 earnings per share. As a group, research analysts anticipate that Sonoco Products will post 5.21 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a $0.52 dividend. This is an increase from Sonoco Products's previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date is Thursday, May 9th. Sonoco Products's payout ratio is 43.33%.

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.