MQS Management LLC Trims Holdings in Sonoco Products (NYSE:SON)

MQS Management LLC cut its holdings in Sonoco Products (NYSE:SON) by 44.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,845 shares of the industrial products company’s stock after selling 3,951 shares during the quarter. MQS Management LLC’s holdings in Sonoco Products were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CANADA LIFE ASSURANCE Co boosted its stake in Sonoco Products by 11.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,403 shares of the industrial products company’s stock worth $4,072,000 after purchasing an additional 7,294 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Sonoco Products by 3.9% in the 1st quarter. Ameritas Investment Partners Inc. now owns 44,458 shares of the industrial products company’s stock worth $2,571,000 after purchasing an additional 1,664 shares in the last quarter. Bahl & Gaynor Inc. boosted its stake in Sonoco Products by 8.7% in the 1st quarter. Bahl & Gaynor Inc. now owns 140,093 shares of the industrial products company’s stock worth $8,103,000 after purchasing an additional 11,245 shares in the last quarter. Wilkins Investment Counsel Inc. bought a new position in Sonoco Products in the 1st quarter worth about $335,000. Finally, Kingsview Wealth Management LLC bought a new position in Sonoco Products in the 1st quarter worth about $8,507,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Trading Up 2.0 %

Shares of NYSE:SON traded up $1.04 on Friday, hitting $52.85. 47,352 shares of the company’s stock were exchanged, compared to its average volume of 565,094. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 2.25 and a beta of 0.68. The business’s 50 day simple moving average is $55.25 and its two-hundred day simple moving average is $56.51. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.31 and a quick ratio of 0.83.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the company posted $1.40 earnings per share. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts anticipate that Sonoco Products will post 5.08 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.94%. Sonoco Products’s dividend payout ratio is presently 52.53%.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of analyst reports. Citigroup dropped their price target on shares of Sonoco Products from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. StockNews.com cut 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 shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on shares of Sonoco Products from $57.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.