Amalgamated Bank Reduces Holdings in Sonoco Products (NYSE:SON)

Amalgamated Bank cut its stake in Sonoco Products (NYSE:SON) by 7.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,570 shares of the industrial products company’s stock after selling 5,280 shares during the period. Amalgamated Bank owned about 0.06% of Sonoco Products worth $3,123,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in shares of Sonoco Products by 2.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 13,593 shares of the industrial products company’s stock valued at $759,000 after purchasing an additional 376 shares during the period. Quadrant Capital Group LLC grew its position in shares of Sonoco Products by 88.6% during the fourth quarter. Quadrant Capital Group LLC now owns 913 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 429 shares during the last quarter. Norges Bank acquired a new position in shares of Sonoco Products in the 4th quarter valued at $62,387,000. Franklin Resources Inc. increased its holdings in shares of Sonoco Products by 16.3% in the 4th quarter. Franklin Resources Inc. now owns 24,910 shares of the industrial products company’s stock valued at $1,392,000 after acquiring an additional 3,500 shares during the period. Finally, Intech Investment Management LLC raised its position in Sonoco Products by 39.7% in the 4th quarter. Intech Investment Management LLC now owns 8,335 shares of the industrial products company’s stock valued at $466,000 after purchasing an additional 2,368 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Down 0.5 %

NYSE SON opened at $54.29 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $5.33 billion, a P/E ratio of 13.71, a P/E/G ratio of 2.16 and a beta of 0.68. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm has a 50-day moving average price of $52.78 and a 200 day moving average price of $55.31.

Sonoco Products (NYSE:SON) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the business posted $1.38 EPS. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. Equities research analysts expect that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 3.83%. Sonoco Products’s payout ratio is currently 52.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. StockNews.com lowered shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Raymond James initiated coverage on Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Citigroup dropped their target price on Sonoco Products from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, July 8th. 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

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.