Advisors Asset Management Inc. Sells 2,989 Shares of Sonoco Products (NYSE:SON)

Advisors Asset Management Inc. trimmed its holdings in Sonoco Products (NYSE:SON) by 36.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,165 shares of the industrial products company’s stock after selling 2,989 shares during the quarter. Advisors Asset Management Inc.’s holdings in Sonoco Products were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SON. Kennebec Savings Bank bought a new position in shares of Sonoco Products in the third quarter valued at about $27,000. Capital Performance Advisors LLP bought a new stake in Sonoco Products during the 3rd quarter worth about $33,000. Abich Financial Wealth Management LLC bought a new stake in Sonoco Products during the 2nd quarter worth about $50,000. Gradient Investments LLC bought a new stake in Sonoco Products during the 2nd quarter worth about $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 1,675 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Performance

Shares of SON stock opened at $51.31 on Friday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The stock has a 50-day moving average of $52.49 and a 200-day moving average of $53.77. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The stock has a market cap of $5.04 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the firm earned $1.46 EPS. Sonoco Products’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.05%. Sonoco Products’s dividend payout ratio is presently 71.48%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Robert W. Baird dropped their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Citigroup boosted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial initiated coverage on Sonoco Products in a report on Tuesday. They set a “buy” rating and a $63.00 price objective for the company. Finally, Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Company 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.