The Manufacturers Life Insurance Company Sells 1,090 Shares of Sonoco Products (NYSE:SON)

The Manufacturers Life Insurance Company lowered its position in shares of Sonoco Products (NYSE:SON) by 1.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 84,800 shares of the industrial products company’s stock after selling 1,090 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of Sonoco Products worth $4,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of Sonoco Products during the first quarter worth $26,000. FinTrust Capital Advisors LLC boosted its holdings in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 216 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Sonoco Products during the 1st quarter worth approximately $50,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products during the second quarter worth approximately $50,000. Finally, Gradient Investments LLC acquired a new stake in shares of Sonoco Products in the second quarter valued at approximately $58,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SON shares. StockNews.com downgraded Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Raymond James began coverage on shares of Sonoco Products in a report on Friday, July 19th. They set an “outperform” rating and a $62.00 price target for the company. Citigroup lifted their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Down 1.0 %

Shares of NYSE SON opened at $53.22 on Tuesday. Sonoco Products has a 12-month low of $48.22 and a 12-month 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. The firm has a market cap of $5.23 billion, a PE ratio of 13.44, a P/E/G ratio of 2.08 and a beta of 0.68. The company’s fifty day simple moving average is $53.19 and its 200 day simple moving average is $55.09.

Sonoco Products (NYSE:SON) last issued its 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. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business posted $1.38 EPS. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders 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 annualized dividend and a yield of 3.91%. Sonoco Products’s payout ratio is 52.53%.

Sonoco Products 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.