Venturi Wealth Management LLC Sells 202 Shares of Sonoco Products (NYSE:SON)

Venturi Wealth Management LLC decreased its holdings in shares of Sonoco Products (NYSE:SON) by 5.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 3,512 shares of the industrial products company’s stock after selling 202 shares during the period. Venturi Wealth Management LLC’s holdings in Sonoco Products were worth $192,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in Sonoco Products by 49.3% in the 1st quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock valued at $7,171,000 after acquiring an additional 40,927 shares during the last quarter. AQR Capital Management LLC increased its stake in Sonoco Products by 80.8% in the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after buying an additional 248,236 shares during the period. Atria Investments Inc bought a new stake in Sonoco Products during the 1st quarter valued at about $1,626,000. Canada Pension Plan Investment Board purchased a new stake in Sonoco Products in the 2nd quarter valued at about $2,419,000. Finally, Bahl & Gaynor Inc. grew its stake in Sonoco Products by 8.7% in the 1st quarter. Bahl & Gaynor Inc. now owns 140,093 shares of the industrial products company’s stock worth $8,103,000 after acquiring an additional 11,245 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SON has been the subject of a number of research reports. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Raymond James started 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. Robert W. Baird dropped their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Sonoco Products currently has an average rating of “Hold” and a consensus target price of $58.00.

Sonoco Products Stock Performance

SON stock opened at $50.71 on Thursday. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 2.09 and a beta of 0.69. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm has a 50-day simple moving average of $53.35 and a two-hundred day simple moving average of $54.25.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. Sonoco Products’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. On average, equities analysts forecast that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Sonoco Products Company 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.