First Trust Advisors LP raised its position in shares of Sonoco Products Co. (NYSE:SON) by 1.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 361,709 shares of the company’s stock after buying an additional 5,361 shares during the period. First Trust Advisors LP owned about 0.36% of Sonoco Products worth $19,109,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Smithfield Trust Co. acquired a new position in shares of Sonoco Products during the second quarter worth approximately $105,000. Mycio Wealth Partners LLC boosted its position in shares of Sonoco Products by 60.0% in the second quarter. Mycio Wealth Partners LLC now owns 2,400 shares of the company’s stock worth $119,000 after buying an additional 900 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Sonoco Products by 82,533.3% in the second quarter. O Shaughnessy Asset Management LLC now owns 2,479 shares of the company’s stock worth $123,000 after buying an additional 2,476 shares during the period. 1ST Source Bank purchased a new position in Sonoco Products during the third quarter worth $201,000. Finally, TradeLink Capital LLC purchased a new position in Sonoco Products during the second quarter worth $208,000. 69.08% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sonoco Products Co. (NYSE:SON) opened at 54.56 on Friday. The stock’s 50 day moving average price is $51.31 and its 200-day moving average price is $50.36. Sonoco Products Co. has a one year low of $36.56 and a one year high of $54.78. The stock has a market cap of $5.45 billion, a PE ratio of 23.52 and a beta of 1.03.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 20th. The company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04. Sonoco Products had a return on equity of 17.84% and a net margin of 4.84%. The business earned $1.21 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the business posted $0.65 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities analysts predict that Sonoco Products Co. will post $2.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 11th will be paid a dividend of $0.37 per share. The ex-dividend date is Tuesday, November 8th. This represents a $1.48 annualized dividend and a yield of 2.71%. Sonoco Products’s dividend payout ratio is currently 63.52%.
A number of equities analysts recently weighed in on the stock. Jefferies Group reiterated a “hold” rating and issued a $47.00 price objective (up from $46.00) on shares of Sonoco Products in a research report on Monday, October 24th. Vertical Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Monday, October 24th. Zacks Investment Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Finally, Bank of America Corp. lowered shares of Sonoco Products from a “neutral” rating to an “underperform” rating in a research report on Monday, October 3rd. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $45.86.
In related news, VP R. Howard Coker sold 1,390 shares of the stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $49.65, for a total value of $69,013.50. Following the completion of the transaction, the vice president now owns 159,340 shares in the company, valued at approximately $7,911,231. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Linville sold 54,000 shares of the stock in a transaction on Monday, November 7th. The shares were sold at an average price of $50.46, for a total value of $2,724,840.00. Following the completion of the transaction, the director now owns 223,787 shares of the company’s stock, valued at approximately $11,292,292.02. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
About Sonoco Products