Envestnet Portfolio Solutions Inc. Sells 1,068 Shares of Sonoco Products (NYSE:SON)

Envestnet Portfolio Solutions Inc. decreased its stake in Sonoco Products (NYSE:SON) by 20.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,057 shares of the industrial products company’s stock after selling 1,068 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Sonoco Products were worth $206,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Earnest Partners LLC lifted its holdings in Sonoco Products by 5.3% in the first quarter. Earnest Partners LLC now owns 2,580,829 shares of the industrial products company’s stock valued at $149,275,000 after buying an additional 131,012 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Sonoco Products by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,300,033 shares of the industrial products company’s stock worth $128,506,000 after acquiring an additional 109,983 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Sonoco Products by 2.4% in the 4th quarter. First Trust Advisors LP now owns 1,654,913 shares of the industrial products company’s stock valued at $92,460,000 after purchasing an additional 38,437 shares during the period. Sei Investments Co. boosted its position in shares of Sonoco Products by 6.9% during the 1st quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock valued at $78,890,000 after purchasing an additional 88,407 shares in the last quarter. Finally, Norges Bank acquired a new stake in Sonoco Products during the fourth quarter worth approximately $62,387,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SON shares. Raymond James initiated coverage on Sonoco Products in a report on Friday, July 19th. They set an “outperform” rating and a $62.00 price target on the stock. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $54.00 to $52.00 in a research note on Wednesday. Citigroup decreased their price target on shares of Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Finally, StockNews.com cut shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and a consensus target price of $58.00.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $53.59 on Friday. The stock’s 50 day moving average is $51.48 and its 200-day moving average is $55.59. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.97 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period last year, the firm earned $1.38 earnings per share. Sell-side analysts forecast that Sonoco Products will post 5.09 EPS 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. Stockholders of record on Friday, August 9th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, August 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 52.53%.

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.