Bank of Nova Scotia Purchases 461 Shares of Sonoco Products (NYSE:SON)

Bank of Nova Scotia raised its position in Sonoco Products (NYSE:SONGet Rating) by 3.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,215 shares of the industrial products company’s stock after acquiring an additional 461 shares during the quarter. Bank of Nova Scotia’s holdings in Sonoco Products were worth $697,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in Sonoco Products by 3.4% in the first quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock valued at $687,633,000 after acquiring an additional 362,516 shares during the period. Vanguard Group Inc. lifted its holdings in Sonoco Products by 1.6% in the first quarter. Vanguard Group Inc. now owns 10,583,807 shares of the industrial products company’s stock valued at $662,123,000 after acquiring an additional 164,106 shares during the period. State Street Corp lifted its holdings in Sonoco Products by 13.4% in the first quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock valued at $515,546,000 after acquiring an additional 972,157 shares during the period. Bank of America Corp DE lifted its holdings in Sonoco Products by 7.2% in the first quarter. Bank of America Corp DE now owns 2,102,026 shares of the industrial products company’s stock valued at $131,503,000 after acquiring an additional 141,562 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Sonoco Products by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,804,866 shares of the industrial products company’s stock valued at $112,913,000 after acquiring an additional 138,382 shares during the period. Institutional investors own 78.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SON. Citigroup lowered their target price on Sonoco Products from $73.00 to $72.00 and set a “buy” rating on the stock in a report on Tuesday, October 11th. BMO Capital Markets cut Sonoco Products from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $65.00 to $58.00 in a research report on Sunday, October 30th. Wells Fargo & Company reduced their price target on Sonoco Products from $67.00 to $64.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 2nd. StockNews.com started coverage on Sonoco Products in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Bank of America upgraded Sonoco Products from an “underperform” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Thursday, October 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $65.29.

Sonoco Products Stock Performance

NYSE:SON opened at $59.95 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 1.41. Sonoco Products has a 12-month low of $51.52 and a 12-month high of $67.06. The stock has a 50-day moving average price of $59.65 and a 200 day moving average price of $59.86. The stock has a market capitalization of $5.85 billion, a P/E ratio of 13.63, a P/E/G ratio of 1.83 and a beta of 0.75.

Sonoco Products (NYSE:SONGet Rating) last released its earnings results on Monday, October 31st. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.21. Sonoco Products had a return on equity of 31.56% and a net margin of 6.19%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter last year, the business posted $0.91 earnings per share. The firm’s revenue was up 33.6% on a year-over-year basis. Equities research analysts forecast that Sonoco Products will post 6.47 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Wednesday, November 9th. Sonoco Products’s dividend payout ratio is presently 44.55%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 652 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $58.60, for a total transaction of $38,207.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is currently owned by company insiders.

About Sonoco Products

(Get Rating)

Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging. The Consumer Packaging segment round and shaped rigid paper containers; metal and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and global brand artwork management.

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

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