The Manufacturers Life Insurance Company Lowers Holdings in Sonoco Products (NYSE:SON)

The Manufacturers Life Insurance Company trimmed its stake in shares of Sonoco Products (NYSE:SON) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,787 shares of the industrial products company’s stock after selling 3,013 shares during the period. The Manufacturers Life Insurance Company’s holdings in Sonoco Products were worth $4,468,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products during the 3rd quarter worth about $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products during the 2nd quarter valued at about $50,000. Gradient Investments LLC purchased a new position in shares of Sonoco Products in the 2nd quarter valued at about $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 1,675 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on SON. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial initiated coverage on shares of Sonoco Products in a report on Tuesday, November 26th. They set a “buy” rating and a $63.00 price objective on the stock. Finally, Robert W. Baird cut their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Trading Up 0.6 %

Shares of SON stock opened at $51.26 on Friday. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. 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 stock’s fifty day moving average is $52.12 and its two-hundred day moving average is $53.39. The firm has a market capitalization of $5.04 billion, a P/E ratio of 17.62, a PEG ratio of 2.15 and a beta of 0.67.

Sonoco Products (NYSE:SON) last issued 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 business 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%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 earnings per share. Research analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.06%. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Sonoco Products 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.