US Bancorp DE Sells 779 Shares of Sonoco Products (NYSE:SON)

US Bancorp DE trimmed its stake in Sonoco Products (NYSE:SON) by 4.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,870 shares of the industrial products company’s stock after selling 779 shares during the period. US Bancorp DE’s holdings in Sonoco Products were worth $1,031,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Earnest Partners LLC raised its stake in Sonoco Products by 2.5% in the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock valued at $134,192,000 after buying an additional 64,915 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after buying an additional 261,062 shares during the last quarter. Victory Capital Management Inc. raised its stake in Sonoco Products by 2.4% in 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 last quarter. Pacer Advisors Inc. raised its stake in Sonoco Products by 13,464.6% in the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after buying an additional 1,965,698 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Sonoco Products by 9.3% in the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock valued at $75,602,000 after buying an additional 126,643 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SON shares. Raymond James started coverage on Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target for the company. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $58.00.

Sonoco Products Trading Up 0.1 %

Shares of NYSE:SON opened at $50.65 on Friday. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 2.11 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The business has a 50-day moving average price of $53.64 and a 200-day moving average price of $54.38.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $1.46 earnings per share. Equities analysts predict that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is 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.