Sonoco Products (NYSE:SON) Shares Sold by Atria Investments Inc

Atria Investments Inc cut its stake in Sonoco Products (NYSE:SON) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,423 shares of the industrial products company’s stock after selling 454 shares during the quarter. Atria Investments Inc’s holdings in Sonoco Products were worth $1,553,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Russell Investments Group Ltd. increased its position in shares of Sonoco Products by 49.3% during the first 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 grew its holdings in Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after acquiring an additional 248,236 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Sonoco Products in the second quarter valued at $2,419,000. Bahl & Gaynor Inc. boosted its holdings in Sonoco Products by 8.7% in the first quarter. Bahl & Gaynor Inc. now owns 140,093 shares of the industrial products company’s stock valued at $8,103,000 after purchasing an additional 11,245 shares in the last quarter. Finally, Oak Thistle LLC raised its stake in Sonoco Products by 368.2% during the 2nd quarter. Oak Thistle LLC now owns 20,321 shares of the industrial products company’s stock worth $1,031,000 after acquiring an additional 15,981 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SON. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird dropped their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Citigroup boosted their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Raymond James started coverage on Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $58.00.

Sonoco Products Trading Down 0.5 %

SON opened at $50.07 on Friday. The firm has a market capitalization of $4.92 billion, a P/E ratio of 17.21, a P/E/G ratio of 2.09 and a beta of 0.69. The firm’s 50 day moving average is $53.16 and its 200-day moving average is $54.17. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. Analysts expect that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.15%. Sonoco Products’s payout ratio is currently 71.48%.

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.