Sonoco Products Company (SON) Holdings Cut by Advisors Asset Management Inc.

Advisors Asset Management Inc. reduced its stake in shares of Sonoco Products Company (NYSE:SON) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,489 shares of the industrial products company’s stock after selling 1,680 shares during the quarter. Advisors Asset Management Inc. owned 0.11% of Sonoco Products worth $5,574,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SON. Marshall Wace North America L.P. bought a new position in Sonoco Products during the second quarter worth about $42,170,000. Renaissance Technologies LLC lifted its holdings in shares of Sonoco Products by 455.3% during the 2nd quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after purchasing an additional 661,500 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of Sonoco Products during the 2nd quarter valued at about $33,327,000. American Century Companies Inc. lifted its holdings in shares of Sonoco Products by 15.7% during the 3rd quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after purchasing an additional 349,455 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Sonoco Products by 7.4% during the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after purchasing an additional 251,027 shares in the last quarter. Hedge funds and other institutional investors own 69.87% of the company’s stock.

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A number of equities research analysts recently issued reports on SON shares. Bank of America Corporation raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, September 6th. Vertical Research raised Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a research report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research report on Thursday, August 3rd. Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Finally, Barclays PLC upped their target price on Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.00.

In other Sonoco Products news, SVP Vicki B. Arthur sold 727 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $53.00, for a total value of $38,531.00. Following the completion of the sale, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at $1,801,894. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Barry L. Saunders sold 5,645 shares of the firm’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the transaction, the chief financial officer now directly owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. Insiders have sold 6,937 shares of company stock valued at $363,088 over the last ninety days. 1.90% of the stock is currently owned by company insiders.

Sonoco Products Company (SON) traded down $0.29 during mid-day trading on Tuesday, hitting $51.19. The stock had a trading volume of 351,000 shares, compared to its average volume of 537,784. Sonoco Products Company has a 52 week low of $47.10 and a 52 week high of $55.58. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $5,117.16, a price-to-earnings ratio of 19.21, a PEG ratio of 3.95 and a beta of 1.15.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the company earned $0.72 earnings per share. research analysts expect that Sonoco Products Company will post 2.8 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Thursday, November 9th. Sonoco Products’s payout ratio is 57.35%.

Sonoco Products Company Profile

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing 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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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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