Crossmark Global Holdings Inc. Reduces Stock Position in Sonoco Products (NYSE:SON)

Crossmark Global Holdings Inc. reduced its holdings in shares of Sonoco Products (NYSE:SON) by 14.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,650 shares of the industrial products company’s stock after selling 1,103 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Sonoco Products were worth $337,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wedmont Private Capital raised its holdings in Sonoco Products by 2.8% in the first quarter. Wedmont Private Capital now owns 6,541 shares of the industrial products company’s stock valued at $382,000 after acquiring an additional 178 shares in the last quarter. Richardson Financial Services Inc. lifted its position in shares of Sonoco Products by 5.7% during the first quarter. Richardson Financial Services Inc. now owns 3,345 shares of the industrial products company’s stock worth $193,000 after purchasing an additional 180 shares during the last quarter. Curbstone Financial Management Corp grew its stake in Sonoco Products by 0.7% in the first quarter. Curbstone Financial Management Corp now owns 27,750 shares of the industrial products company’s stock worth $1,605,000 after purchasing an additional 200 shares in the last quarter. FinTrust Capital Advisors LLC grew its stake in Sonoco Products by 78.8% in the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 216 shares in the last quarter. Finally, Sterling Investment Counsel LLC raised its stake in Sonoco Products by 5.2% during the first quarter. Sterling Investment Counsel LLC now owns 5,460 shares of the industrial products company’s stock valued at $316,000 after buying an additional 270 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SON has been the subject of several research reports. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Citigroup decreased their price objective on shares of Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a report on Monday, July 8th. Raymond James began coverage on shares of Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target on the stock. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Sonoco Products Stock Performance

Shares of SON opened at $55.61 on Wednesday. The firm has a fifty day moving average of $51.42 and a 200-day moving average of $55.51. The company has a market cap of $5.46 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 2.20 and a beta of 0.68. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. Sonoco Products has a 1 year low of $55.52 and a 1 year high of $56.58.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The firm had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business posted $1.38 EPS. Sonoco Products’s revenue was down 4.8% on a year-over-year basis. As a group, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.74%. 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.