Sonoco Products (NYSE:SON) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System cut its holdings in Sonoco Products (NYSE:SON) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,200 shares of the industrial products company’s stock after selling 600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Sonoco Products were worth $1,486,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Nicholson Wealth Management Group LLC acquired a new stake in shares of Sonoco Products in the third quarter valued at approximately $353,000. Impact Partnership Wealth LLC lifted its stake in shares of Sonoco Products by 7.7% during the third quarter. Impact Partnership Wealth LLC now owns 4,506 shares of the industrial products company’s stock valued at $246,000 after buying an additional 323 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Sonoco Products by 5,363.0% during the third quarter. International Assets Investment Management LLC now owns 13,275 shares of the industrial products company’s stock valued at $725,000 after buying an additional 13,032 shares during the period. Community Trust & Investment Co. purchased a new position in shares of Sonoco Products during the third quarter valued at approximately $917,000. Finally, Westhampton Capital LLC lifted its stake in shares of Sonoco Products by 35.8% during the third quarter. Westhampton Capital LLC now owns 36,532 shares of the industrial products company’s stock valued at $1,996,000 after buying an additional 9,630 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Up 0.1 %

Shares of SON opened at $52.54 on Friday. The firm has a market cap of $5.16 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 2.22 and a beta of 0.68. The company’s fifty day moving average is $54.08 and its two-hundred day moving average is $54.61. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results 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 company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. Sonoco Products’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter last year, the business earned $1.38 EPS. Analysts forecast that Sonoco Products will post 5 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm 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. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 3.96%. Sonoco Products’s payout ratio is 55.91%.

Analyst Ratings Changes

Several brokerages recently issued reports on SON. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Raymond James began coverage on shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

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.