Advisors Asset Management Inc. boosted its stake in Sonoco Products Company (NYSE:SON) by 12.3% during the second quarter, Holdings Channel reports. The fund owned 112,169 shares of the industrial products company’s stock after buying an additional 12,305 shares during the period. Advisors Asset Management Inc.’s holdings in Sonoco Products were worth $5,768,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. United Services Automobile Association raised its position in shares of Sonoco Products by 109.6% in the first quarter. United Services Automobile Association now owns 18,360 shares of the industrial products company’s stock valued at $972,000 after buying an additional 9,600 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Sonoco Products by 7.0% in the first quarter. Ameritas Investment Partners Inc. now owns 38,856 shares of the industrial products company’s stock valued at $2,056,000 after buying an additional 2,549 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Sonoco Products by 2,582.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 24,085 shares of the industrial products company’s stock valued at $1,275,000 after buying an additional 23,187 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Sonoco Products by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 96,899 shares of the industrial products company’s stock valued at $5,128,000 after buying an additional 7,478 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Sonoco Products by 47.3% in the first quarter. Legal & General Group Plc now owns 110,390 shares of the industrial products company’s stock valued at $5,843,000 after buying an additional 35,429 shares during the last quarter. Institutional investors own 75.39% of the company’s stock.

Shares of Sonoco Products Company (NYSE:SON) opened at 49.20 on Thursday. The company has a market cap of $4.89 billion, a P/E ratio of 18.68 and a beta of 1.12. Sonoco Products Company has a one year low of $47.52 and a one year high of $55.58. The company has a 50 day moving average price of $50.11 and a 200 day moving average price of $51.82.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that Sonoco Products Company will post $2.75 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be paid a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 annualized dividend and a yield of 3.17%. Sonoco Products’s dividend payout ratio is 59.09%.

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Several research analysts have recently commented on SON shares. BidaskClub lowered Sonoco Products from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a research report on Wednesday, August 2nd. Bank of America Corporation lifted their target price on Sonoco Products from $55.00 to $56.00 and gave the stock an “underperform” rating in a research report on Friday, July 21st. Jefferies Group LLC reiterated a “neutral” rating on shares of Sonoco Products in a research report on Wednesday, June 28th. Finally, Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Thursday, June 22nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $52.57.

About Sonoco Products

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.

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

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