Sonoco Products (NYSE:SON) Sees Large Increase in Short Interest

Sonoco Products (NYSE:SON - Get Free Report) was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 2,310,000 shares, a growth of 19.7% from the July 31st total of 1,930,000 shares. Approximately 2.4% of the company's stock are short sold. Based on an average daily volume of 786,300 shares, the days-to-cover ratio is currently 2.9 days.

Sonoco Products Stock Performance

Sonoco Products stock traded up $1.23 during midday trading on Friday, reaching $56.57. 1,150,877 shares of the company's stock were exchanged, compared to its average volume of 718,596. Sonoco Products has a 52 week low of $53.00 and a 52 week high of $56.77. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 14.29, a P/E/G ratio of 2.20 and a beta of 0.68. The stock's 50-day simple moving average is $51.28 and its 200 day simple moving average is $55.51.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter last year, the company posted $1.38 earnings per share. Sonoco Products's quarterly revenue was down 4.8% on a year-over-year basis. On average, analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 3.68%. Sonoco Products's dividend payout ratio (DPR) is presently 52.53%.

Analyst Ratings Changes

SON has been the subject of several analyst reports. StockNews.com cut Sonoco Products from a "strong-buy" rating to a "buy" rating in a report on Wednesday, July 3rd. Wells Fargo & Company cut Sonoco Products from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Raymond James initiated coverage on Sonoco Products in a report on Friday, July 19th. They issued an "outperform" rating and a $62.00 price objective for the company. Finally, Citigroup decreased their price objective on Sonoco Products from $64.00 to $60.00 and set a "buy" rating for the company in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.00.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently bought and sold shares of the stock. Rise Advisors LLC acquired a new stake in shares of Sonoco Products in the first quarter valued at approximately $26,000. FinTrust Capital Advisors LLC raised its position in shares of Sonoco Products by 78.8% in the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company's stock valued at $28,000 after buying an additional 216 shares in the last quarter. Burkett Financial Services LLC acquired a new stake in shares of Sonoco Products in the fourth quarter valued at approximately $30,000. TFO Wealth Partners LLC raised its position in shares of Sonoco Products by 12,183.3% in the fourth quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company's stock valued at $41,000 after buying an additional 731 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Sonoco Products by 154.6% in the fourth quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company's stock valued at $49,000 after buying an additional 535 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.