Alaska Permanent Fund Corp Sells 28,081 Shares of Sonoco Products (NYSE:SON)

Alaska Permanent Fund Corp trimmed its holdings in shares of Sonoco Products (NYSE:SON) by 47.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 31,395 shares of the industrial products company’s stock after selling 28,081 shares during the period. Alaska Permanent Fund Corp’s holdings in Sonoco Products were worth $1,754,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. GAMMA Investing LLC bought a new position in Sonoco Products during the 4th quarter valued at about $133,000. Wedge Capital Management L L P NC lifted its holdings in Sonoco Products by 29.3% during the 4th quarter. Wedge Capital Management L L P NC now owns 130,509 shares of the industrial products company’s stock valued at $7,292,000 after purchasing an additional 29,543 shares during the last quarter. CWM LLC lifted its holdings in Sonoco Products by 751.5% during the 4th quarter. CWM LLC now owns 1,967 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 1,736 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new stake in Sonoco Products in the 4th quarter valued at about $626,000. Finally, AIA Group Ltd acquired a new stake in Sonoco Products in the 4th quarter valued at about $312,000. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Down 0.8 %

Shares of NYSE:SON opened at $56.13 on Friday. Sonoco Products has a one year low of $49.98 and a one year high of $63.74. The company has a 50 day moving average of $56.92 and a 200-day moving average of $55.90. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.76 and a quick ratio of 1.10. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 2.17 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 EPS. On average, sell-side analysts forecast that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s payout ratio is currently 42.50%.

Analyst Upgrades and Downgrades

SON has been the subject of several research reports. Citigroup lowered their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. TheStreet cut shares of Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company lowered their price target on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Insider Activity at Sonoco Products

In related news, insider Russell K. Grissett sold 2,039 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the transaction, the insider now owns 11,988 shares in the company, valued at $672,047.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Sonoco Products news, insider Russell K. Grissett sold 2,039 shares of Sonoco Products stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total value of $114,306.34. Following the transaction, the insider now owns 11,988 shares of the company’s stock, valued at $672,047.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Adam Wood sold 537 shares of Sonoco Products stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the transaction, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,076 shares of company stock worth $749,002. 0.51% of the stock is currently owned by company insiders.

About Sonoco Products

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.