Envestnet Asset Management Inc. Purchases 4,079 Shares of Sonoco Products (NYSE:SON)

Envestnet Asset Management Inc. boosted its position in Sonoco Products (NYSE:SON) by 3.8% during the second quarter, HoldingsChannel reports. The fund owned 110,342 shares of the industrial products company’s stock after buying an additional 4,079 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Sonoco Products were worth $5,597,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Earnest Partners LLC increased its position in shares of Sonoco Products by 5.3% during 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. Victory Capital Management Inc. increased its position in shares of Sonoco Products by 2.4% during the second quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after buying an additional 50,577 shares during the period. First Trust Advisors LP increased its position in shares of Sonoco Products by 2.4% during the fourth quarter. First Trust Advisors LP now owns 1,654,913 shares of the industrial products company’s stock valued at $92,460,000 after buying an additional 38,437 shares during the period. Sei Investments Co. grew its holdings in shares of Sonoco Products by 6.9% during the first quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock worth $78,890,000 after purchasing an additional 88,407 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Sonoco Products by 2.6% during the first quarter. Principal Financial Group Inc. now owns 368,806 shares of the industrial products company’s stock worth $21,332,000 after purchasing an additional 9,187 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Up 0.8 %

Shares of SON opened at $54.63 on Tuesday. The firm has a market cap of $5.37 billion, a P/E ratio of 13.80, a P/E/G ratio of 2.11 and a beta of 0.68. The stock has a 50 day simple moving average of $53.02 and a two-hundred day simple moving average of $55.20. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73.

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 during the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 earnings per share. On average, analysts forecast that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date was Friday, August 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 52.53%.

Analyst Upgrades and Downgrades

SON has been the subject of several recent analyst reports. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. Raymond James initiated coverage on Sonoco Products in a report on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. Citigroup cut their price objective on Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a report on Monday, July 8th. Finally, Wells Fargo & Company lowered 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, August 21st. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.00.

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.