My Legacy Advisors LLC Sells 1,875 Shares of Sonoco Products (NYSE:SON)

My Legacy Advisors LLC lowered its holdings in shares of Sonoco Products (NYSE:SON) by 21.0% during the third quarter, Holdings Channel reports. The firm owned 7,050 shares of the industrial products company’s stock after selling 1,875 shares during the period. My Legacy Advisors LLC’s holdings in Sonoco Products were worth $385,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Jade Capital Advisors LLC bought a new position in shares of Sonoco Products during the 3rd quarter valued at $273,000. Raymond James & Associates raised its holdings in shares of Sonoco Products by 18.1% during the 3rd quarter. Raymond James & Associates now owns 121,583 shares of the industrial products company’s stock valued at $6,642,000 after purchasing an additional 18,648 shares in the last quarter. Bfsg LLC bought a new position in shares of Sonoco Products during the 3rd quarter valued at $205,000. B.O.S.S. Retirement Advisors LLC raised its holdings in shares of Sonoco Products by 8.7% during the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 22,191 shares of the industrial products company’s stock valued at $1,212,000 after purchasing an additional 1,784 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Sonoco Products by 4.3% during the 3rd quarter. Creative Planning now owns 11,435 shares of the industrial products company’s stock valued at $625,000 after purchasing an additional 473 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

NYSE SON opened at $52.51 on Wednesday. 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 firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 2.06 and a beta of 0.68. The company’s fifty day moving average is $53.77 and its two-hundred day moving average is $54.83. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.02. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. Equities research analysts forecast that Sonoco Products will post 5.08 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 3.96%. Sonoco Products’s dividend payout ratio is 52.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SON shares. Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. Raymond James initiated coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, StockNews.com downgraded shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products 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.