Lowell Blake & Associates Inc. Lowers Holdings in Sonoco Products (NYSE:SON)

Lowell Blake & Associates Inc. reduced its stake in shares of Sonoco Products (NYSE:SON) by 25.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 14,200 shares of the industrial products company’s stock after selling 4,800 shares during the period. Lowell Blake & Associates Inc.’s holdings in Sonoco Products were worth $846,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Macquarie Group Ltd. raised its stake in Sonoco Products by 19,876.3% in the 2nd quarter. Macquarie Group Ltd. now owns 724,741 shares of the industrial products company’s stock valued at $48,486,000 after purchasing an additional 721,113 shares during the last quarter. State Street Corp increased its position in Sonoco Products by 9.7% during the 2nd quarter. State Street Corp now owns 6,522,659 shares of the industrial products company’s stock worth $436,366,000 after purchasing an additional 576,298 shares in the last quarter. Vanguard Group Inc. increased its position in Sonoco Products by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 10,494,328 shares of the industrial products company’s stock worth $702,071,000 after purchasing an additional 238,740 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Sonoco Products by 11.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,402,648 shares of the industrial products company’s stock worth $93,838,000 after purchasing an additional 144,583 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its holdings in Sonoco Products by 10.9% in the 2nd quarter. Impax Asset Management Group plc now owns 1,066,551 shares of the industrial products company’s stock worth $71,352,000 after acquiring an additional 104,818 shares during the period. Institutional investors own 75.77% of the company’s stock.

Shares of NYSE SON opened at $60.81 on Friday. Sonoco Products has a one year low of $57.21 and a one year high of $69.83. The business has a 50-day moving average price of $60.53 and a two-hundred day moving average price of $63.82. The company has a current ratio of 1.19, a quick ratio of 0.79 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $5.98 billion, a PE ratio of -37.31, a PEG ratio of 3.49 and a beta of 0.81.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, October 20th. The industrial products company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.37 billion. Sonoco Products had a positive return on equity of 18.65% and a negative net margin of 2.94%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. Research analysts anticipate that Sonoco Products will post 3.53 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Wednesday, November 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.96%. The ex-dividend date is Tuesday, November 9th. Sonoco Products’s dividend payout ratio is -110.43%.

In related news, VP Jeffrey S. Tomaszewski sold 1,700 shares of the business’s stock in a transaction on Tuesday, October 26th. The stock was sold at an average price of $59.36, for a total value of $100,912.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.56% of the stock is owned by insiders.

Separately, Bank of America cut Sonoco Products from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $64.00 to $63.00 in a research note on Thursday, October 14th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $64.50.

About Sonoco Products

Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging; Paper and Industrial Converted Products; Protective Solutions; and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers; fiber and plastic caulk and adhesive tubes; and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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