Sumitomo Mitsui Trust Group Inc. Sells 4,150 Shares of Sonoco Products (NYSE:SON)

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Sonoco Products (NYSE:SON) by 25.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 12,110 shares of the industrial products company’s stock after selling 4,150 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Sonoco Products were worth $662,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in shares of Sonoco Products in the 1st quarter valued at about $50,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of Sonoco Products by 11.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 70,403 shares of the industrial products company’s stock valued at $4,072,000 after purchasing an additional 7,294 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Sonoco Products in the 1st quarter worth approximately $264,000. Truvestments Capital LLC increased its position in shares of Sonoco Products by 26.1% during the 1st quarter. Truvestments Capital LLC now owns 37,205 shares of the industrial products company’s stock valued at $2,152,000 after purchasing an additional 7,699 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Sonoco Products during the 1st quarter valued at approximately $122,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

SON opened at $49.19 on Wednesday. The business has a fifty day moving average of $52.96 and a 200 day moving average of $54.05. The stock has a market cap of $4.83 billion, a P/E ratio of 16.90, a PEG ratio of 2.06 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 earnings per share. As a group, sell-side analysts anticipate that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.23%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Wall Street Analyst Weigh In

SON has been the subject of several recent analyst reports. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Citigroup raised their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird cut their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and an average target price of $58.00.

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.