Trade Report: The Hanson & Doremus Investment Management Reduces Position in Sonoco Products Co. (SON)

The Hanson & Doremus Investment Management Reduces Position in Sonoco Products Co. (SON)

Hanson & Doremus Investment Management reduced its position in shares of Sonoco Products Co. (NYSE:SON) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,412 shares of the company’s stock after selling 200 shares during the period. Hanson & Doremus Investment Management’s holdings in Sonoco Products were worth $418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Eqis Capital Management Inc. bought a new position in Sonoco Products during the second quarter worth approximately $220,000. Boys Arnold & Co. Inc. increased its position in shares of Sonoco Products by 14.0% in the second quarter. Boys Arnold & Co. Inc. now owns 5,862 shares of the company’s stock valued at $291,000 after buying an additional 720 shares during the last quarter. LS Investment Advisors LLC increased its position in shares of Sonoco Products by 72.8% in the second quarter. LS Investment Advisors LLC now owns 6,094 shares of the company’s stock valued at $303,000 after buying an additional 2,567 shares during the last quarter. Prudential PLC acquired a new position in shares of Sonoco Products during the first quarter valued at approximately $369,000. Finally, First Midwest Bank Trust Division acquired a new position in shares of Sonoco Products during the second quarter valued at approximately $432,000. 68.97% of the stock is owned by institutional investors and hedge funds.

Shares of Sonoco Products Co. (NYSE:SON) traded up 0.22% during trading on Monday, hitting $50.54. The company had a trading volume of 100,821 shares. The company’s 50 day moving average is $51.77 and its 200 day moving average is $49.57. Sonoco Products Co. has a 1-year low of $36.56 and a 1-year high of $53.57. The firm has a market capitalization of $5.07 billion, a P/E ratio of 23.95 and a beta of 1.01.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.05. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Sonoco Products had a return on equity of 17.66% and a net margin of 4.37%. Sonoco Products’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $0.68 EPS. Analysts anticipate that Sonoco Products Co. will post $2.72 earnings per share for the current fiscal year.

SON has been the subject of several research analyst reports. Zacks Investment Research downgraded Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Bank of America Corp. downgraded Sonoco Products from a “neutral” rating to an “underperform” rating in a research note on Monday, October 3rd. They noted that the move was a valuation call. Jefferies Group boosted their target price on Sonoco Products from $42.00 to $46.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. Barclays PLC boosted their target price on Sonoco Products from $40.00 to $44.00 and gave the stock an “underweight” rating in a research note on Monday, July 25th. Finally, BMO Capital Markets reissued a “hold” rating and set a $46.00 target price on shares of Sonoco Products in a research note on Friday, July 22nd. Six 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. The stock currently has an average rating of “Hold” and a consensus target price of $46.25.

In other Sonoco Products news, CEO Mancil J. Sanders sold 16,254 shares of Sonoco Products stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.00, for a total value of $845,208.00. Following the transaction, the chief executive officer now directly owns 187,296 shares of the company’s stock, valued at approximately $9,739,392. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Linville sold 33,746 shares of Sonoco Products stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $51.54, for a total value of $1,739,268.84. Following the completion of the transaction, the director now directly owns 223,787 shares in the company, valued at $11,533,981.98. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

Sonoco Products Company Profile

Sonoco Products Company (Sonoco) is a manufacturer of industrial and consumer packaging products and a provider of packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.

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