Sonoco Products Co (SON) Stake Decreased by Wells Fargo & Company MN
Wells Fargo & Company MN lessened its holdings in shares of Sonoco Products Co (NYSE:SON) by 33.1% during the 4th quarter, HoldingsChannel reports. The firm owned 296,280 shares of the industrial products company’s stock after selling 146,499 shares during the period. Wells Fargo & Company MN’s holdings in Sonoco Products were worth $15,744,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Sonoco Products by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,962 shares of the industrial products company’s stock valued at $68,811,000 after purchasing an additional 13,158 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Sonoco Products by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,279,308 shares of the industrial products company’s stock valued at $64,540,000 after purchasing an additional 36,612 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Sonoco Products by 56.1% during the 3rd quarter. Janus Henderson Group PLC now owns 1,011,830 shares of the industrial products company’s stock valued at $51,047,000 after purchasing an additional 363,692 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Sonoco Products by 12.3% during the 4th quarter. First Trust Advisors LP now owns 775,642 shares of the industrial products company’s stock valued at $41,218,000 after purchasing an additional 84,665 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in shares of Sonoco Products by 7.2% during the 4th quarter. LSV Asset Management now owns 562,000 shares of the industrial products company’s stock valued at $29,864,000 after purchasing an additional 37,700 shares in the last quarter. Institutional investors and hedge funds own 70.72% of the company’s stock.
SON has been the topic of several recent analyst reports. Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Monday, February 26th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a report on Sunday, December 3rd. Barclays upgraded Sonoco Products from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $49.00 to $55.00 in a report on Friday, December 15th. Finally, TheStreet cut Sonoco Products from a “b” rating to a “c+” rating in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.29.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, February 15th. The industrial products company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Sonoco Products had a net margin of 3.48% and a return on equity of 16.63%. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 EPS. equities research analysts expect that Sonoco Products Co will post 3.2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Wednesday, February 28th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.18%. The ex-dividend date was Tuesday, February 27th. Sonoco Products’s payout ratio is 89.66%.
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Sonoco Products Company Profile
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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