Sonoco Products (NYSE:SON) Stock Holdings Lowered by Bank of Montreal Can

Bank of Montreal Can trimmed its holdings in shares of Sonoco Products (NYSE:SON) by 6.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,148 shares of the industrial products company’s stock after selling 2,606 shares during the period. Bank of Montreal Can’s holdings in Sonoco Products were worth $1,882,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its stake in Sonoco Products by 11.0% during 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 in the last quarter. Earnest Partners LLC raised its holdings 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 acquiring an additional 131,012 shares during the period. Victory Capital Management Inc. lifted its position in shares of Sonoco Products by 2.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after acquiring an additional 50,577 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after purchasing an additional 1,965,698 shares during the period. Finally, Sei Investments Co. grew its position in Sonoco Products by 9.3% during the 2nd quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after purchasing an additional 126,643 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on SON shares. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Finally, 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 for the company. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $53.78 on Friday. 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 one year low of $48.22 and a one year high of $61.73. The business’s 50-day moving average price is $53.14 and its two-hundred day moving average price is $55.15. The company has a market capitalization of $5.28 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 2.10 and a beta of 0.68.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.87%. Sonoco Products’s dividend payout ratio is currently 52.53%.

About Sonoco Products

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.