Meritage Portfolio Management Decreases Stock Holdings in Sonoco Products (NYSE:SON)

Meritage Portfolio Management lowered its position in shares of Sonoco Products (NYSE:SON) by 4.0% in the third quarter, HoldingsChannel.com reports. The firm owned 72,412 shares of the industrial products company’s stock after selling 2,996 shares during the quarter. Meritage Portfolio Management’s holdings in Sonoco Products were worth $3,956,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SON. Covestor Ltd boosted its position in shares of Sonoco Products by 35.6% during the 3rd quarter. Covestor Ltd now owns 3,904 shares of the industrial products company’s stock worth $213,000 after acquiring an additional 1,025 shares in the last quarter. SpiderRock Advisors LLC lifted its stake in Sonoco Products by 469.3% during the third quarter. SpiderRock Advisors LLC now owns 32,411 shares of the industrial products company’s stock worth $1,771,000 after purchasing an additional 26,718 shares during the last quarter. Equitable Trust Co. boosted its holdings in Sonoco Products by 1.7% in the third quarter. Equitable Trust Co. now owns 18,993 shares of the industrial products company’s stock valued at $1,038,000 after purchasing an additional 325 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Sonoco Products in the third quarter valued at approximately $33,000. Finally, D.B. Root & Company LLC raised its holdings in Sonoco Products by 16.9% during the third quarter. D.B. Root & Company LLC now owns 14,581 shares of the industrial products company’s stock worth $797,000 after purchasing an additional 2,103 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.9 %

Shares of NYSE:SON opened at $50.66 on Monday. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The stock has a market cap of $4.98 billion, a P/E ratio of 17.41, a P/E/G ratio of 2.08 and a beta of 0.69. The firm has a fifty day moving average price of $53.64 and a 200 day moving average price of $54.35.

Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 earnings per share. Sell-side analysts predict 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. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date is Friday, November 8th. Sonoco Products’s payout ratio is currently 71.48%.

Wall Street Analysts Forecast Growth

SON has been the subject of several research analyst reports. Raymond James started coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price for the company. Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lowered 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 report on Wednesday, August 21st. Finally, Robert W. Baird cut their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has a consensus 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.