Mitsubishi UFJ Trust & Banking Corp Has $529,000 Position in Sonoco Products (NYSE:SON)

Mitsubishi UFJ Trust & Banking Corp cut its position in Sonoco Products (NYSE:SONGet Rating) by 16.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,278 shares of the industrial products company’s stock after selling 1,782 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Sonoco Products were worth $529,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SON. State Street Corp grew its holdings in Sonoco Products by 13.4% during the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock worth $515,546,000 after acquiring an additional 972,157 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in Sonoco Products during the first quarter worth $51,618,000. Acadian Asset Management LLC bought a new position in Sonoco Products during the first quarter worth $34,642,000. BlackRock Inc. raised its holdings in Sonoco Products by 3.4% during the first quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock worth $687,633,000 after buying an additional 362,516 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Sonoco Products during the second quarter worth $17,608,000. 78.48% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Up 0.9 %

Shares of SON stock opened at $60.47 on Tuesday. The stock has a market cap of $5.90 billion, a P/E ratio of 13.74, a P/E/G ratio of 1.85 and a beta of 0.75. The stock has a 50 day moving average of $59.55 and a 200 day moving average of $59.84. Sonoco Products has a twelve month low of $51.52 and a twelve month high of $67.06. 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 (NYSE:SONGet Rating) last announced its earnings results on Monday, October 31st. The industrial products company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. Sonoco Products’s quarterly revenue was up 33.6% on a year-over-year basis. As a group, sell-side analysts expect that Sonoco Products will post 6.47 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Wednesday, November 9th. Sonoco Products’s dividend payout ratio (DPR) is currently 44.55%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 652 shares of the stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $58.60, for a total transaction of $38,207.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on SON. StockNews.com initiated coverage on shares of Sonoco Products in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Wells Fargo & Company cut their price objective on shares of 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. Citigroup lowered their target price on shares of Sonoco Products from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, October 11th. Bank of America upgraded shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Thursday, October 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Sonoco Products from $65.00 to $61.00 in a research note on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.29.

Sonoco Products Profile

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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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