Raymond James Financial Services Advisors Inc. Cuts Stake in Sonoco Products Co (SON)

Raymond James Financial Services Advisors Inc. decreased its holdings in Sonoco Products Co (NYSE:SON) by 10.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,528 shares of the industrial products company’s stock after selling 1,040 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Sonoco Products were worth $430,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in Sonoco Products during the 2nd quarter valued at $42,170,000. Renaissance Technologies LLC boosted its position in Sonoco Products by 455.3% during the 2nd quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after buying an additional 661,500 shares during the period. Janus Henderson Group PLC purchased a new stake in Sonoco Products during the 2nd quarter valued at $33,327,000. American Century Companies Inc. boosted its position in Sonoco Products by 13.1% during the 2nd quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after buying an additional 257,969 shares during the period. Finally, Wells Fargo & Company MN boosted its position in Sonoco Products by 7.4% during the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after buying an additional 251,027 shares during the period. 72.27% of the stock is owned by institutional investors.

In related news, CFO Barry L. Saunders sold 5,645 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the transaction, the chief financial officer now directly owns 60,455 shares in the company, valued at approximately $3,167,237.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Marcy J. Thompson sold 565 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $51.00, for a total transaction of $28,815.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is owned by company insiders.

Several research analysts have commented on SON shares. KeyCorp restated a “hold” rating on shares of Sonoco Products in a report on Sunday. Barclays upped their price objective on shares of Sonoco Products from $48.00 to $49.00 and gave the stock an “underweight” rating in a report on Friday, October 20th. Zacks Investment Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Robert W. Baird restated a “buy” rating and issued a $60.00 price objective on shares of Sonoco Products in a report on Friday, September 1st. Finally, Jefferies Group restated a “hold” rating and issued a $48.00 price objective on shares of Sonoco Products in a report on Thursday, September 7th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $52.00.

Shares of Sonoco Products Co (NYSE:SON) traded down $0.50 during midday trading on Thursday, reaching $54.69. 376,600 shares of the company’s stock traded hands, compared to its average volume of 530,487. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. Sonoco Products Co has a 1-year low of $47.10 and a 1-year high of $55.77. The company has a market cap of $5,430.00, a price-to-earnings ratio of 20.59, a PEG ratio of 4.23 and a beta of 1.15.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.72 EPS. research analysts expect that Sonoco Products Co will post 2.8 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be paid a $0.39 dividend. The ex-dividend date is Thursday, November 9th. This represents a $1.56 annualized dividend and a dividend yield of 2.85%. Sonoco Products’s payout ratio is 57.35%.

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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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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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