Venturi Wealth Management LLC Reduces Stock Holdings in Sonoco Products (NYSE:SON)

Venturi Wealth Management LLC trimmed its holdings in shares of Sonoco Products (NYSE:SON) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,512 shares of the industrial products company’s stock after selling 202 shares during the quarter. Venturi Wealth Management LLC’s holdings in Sonoco Products were worth $192,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in Sonoco Products by 13,464.6% during the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Private Management Group Inc. purchased a new position in Sonoco Products during the third quarter valued at approximately $24,994,000. Dimensional Fund Advisors LP boosted its position in shares of Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares during the period. AQR Capital Management LLC increased its stake in shares of Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after purchasing an additional 248,236 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new stake in shares of Sonoco Products during the 3rd quarter valued at $9,935,000. 77.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SON has been the subject of a number of analyst reports. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Raymond James initiated coverage on Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 target price on the stock. Citigroup upped their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Hold” and a consensus target price of $58.00.

Sonoco Products Price Performance

NYSE:SON opened at $50.71 on Thursday. The business’s 50-day moving average is $53.35 and its 200 day moving average is $54.25. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a market capitalization of $4.98 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.09 and a beta of 0.69. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the firm earned $1.46 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities research analysts forecast that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio is 71.48%.

Sonoco Products Company Profile

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.