Sonoco Products Co (NYSE:SON) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totalling 3,086,600 shares, a decline of 12.8% from the May 30th total of 3,540,600 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily volume of 410,200 shares, the days-to-cover ratio is currently 7.5 days.
SON has been the topic of a number of analyst reports. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a report on Sunday, April 21st. ValuEngine raised shares of YY from a “sell” rating to a “hold” rating in a report on Friday, June 7th. Vertical Research cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Argus raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Wednesday, April 24th. Finally, Goldman Sachs Group cut shares of Metcash from a “conviction-buy” rating to a “neutral” rating in a report on Monday, June 24th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Sonoco Products presently has a consensus rating of “Hold” and an average price target of $59.33.
Shares of SON traded up $0.32 during mid-day trading on Friday, reaching $65.16. 486,932 shares of the stock traded hands, compared to its average volume of 350,700. The business has a fifty day simple moving average of $64.63. The firm has a market cap of $6.52 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 3.90 and a beta of 0.94. The company has a current ratio of 1.36, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66. Sonoco Products has a 1 year low of $50.30 and a 1 year high of $66.57.
Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, April 18th. The industrial products company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.37 billion. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 EPS. Equities analysts anticipate that Sonoco Products will post 3.58 EPS for the current fiscal year.
In related news, VP Roger P. Schrum sold 812 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total value of $50,547.00. Following the sale, the vice president now owns 7,938 shares of the company’s stock, valued at approximately $494,140.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP R. Howard Coker sold 6,484 shares of Sonoco Products stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $61.94, for a total transaction of $401,618.96. Following the completion of the sale, the senior vice president now directly owns 215,108 shares in the company, valued at approximately $13,323,789.52. The disclosure for this sale can be found here. Insiders sold a total of 12,381 shares of company stock worth $758,537 in the last ninety days. 1.30% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SON. Raymond James & Associates raised its stake in shares of Sonoco Products by 3.5% during the 4th quarter. Raymond James & Associates now owns 57,712 shares of the industrial products company’s stock worth $3,066,000 after purchasing an additional 1,940 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Sonoco Products by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 18,511 shares of the industrial products company’s stock worth $983,000 after purchasing an additional 341 shares in the last quarter. Standard Life Aberdeen plc raised its stake in shares of Sonoco Products by 26.6% during the 4th quarter. Standard Life Aberdeen plc now owns 10,033 shares of the industrial products company’s stock worth $531,000 after purchasing an additional 2,106 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Sonoco Products during the 4th quarter worth about $225,000. Finally, Northern Trust Corp raised its stake in shares of Sonoco Products by 0.7% during the 4th quarter. Northern Trust Corp now owns 778,253 shares of the industrial products company’s stock worth $41,348,000 after purchasing an additional 5,114 shares in the last quarter. Hedge funds and other institutional investors own 73.84% of the company’s stock.
Sonoco Products Company 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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