Prossimo Advisors LLC Reduces Position in Sonoco Products (NYSE:SON)

Prossimo Advisors LLC lessened its position in shares of Sonoco Products (NYSE:SON) by 27.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,866 shares of the industrial products company’s stock after selling 1,820 shares during the quarter. Prossimo Advisors LLC’s holdings in Sonoco Products were worth $266,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SON. Allspring Global Investments Holdings LLC purchased a new position in Sonoco Products during the 1st quarter worth approximately $50,000. State of Michigan Retirement System lifted its position in Sonoco Products by 2.1% during the 1st quarter. State of Michigan Retirement System now owns 24,051 shares of the industrial products company’s stock worth $1,391,000 after acquiring an additional 500 shares during the period. BNP Paribas Financial Markets lifted its position in Sonoco Products by 6.6% during the 1st quarter. BNP Paribas Financial Markets now owns 83,067 shares of the industrial products company’s stock worth $4,805,000 after acquiring an additional 5,123 shares during the period. Janney Montgomery Scott LLC lifted its position in Sonoco Products by 26.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,152 shares of the industrial products company’s stock worth $992,000 after acquiring an additional 3,559 shares during the period. Finally, Capstone Investment Advisors LLC lifted its position in Sonoco Products by 11.8% during the 1st quarter. Capstone Investment Advisors LLC now owns 11,167 shares of the industrial products company’s stock worth $646,000 after acquiring an additional 1,176 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SON shares. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Citigroup increased their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Stock Down 2.6 %

SON opened at $51.14 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. The business has a 50 day simple moving average of $54.03 and a 200-day simple moving average of $54.57. The stock has a market capitalization of $5.02 billion, a P/E ratio of 17.57, a P/E/G ratio of 2.20 and a beta of 0.69. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.44 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 20.03% and a net margin of 4.38%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $1.46 EPS. On average, equities analysts anticipate that Sonoco Products will post 5 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.07%. Sonoco Products’s dividend payout ratio is presently 71.48%.

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.