Bank of Nova Scotia Sells 58,376 Shares of Sonoco Products Company (NYSE:SON)

Bank of Nova Scotia lowered its stake in Sonoco Products Company (NYSE:SON - Free Report) by 57.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,436 shares of the industrial products company's stock after selling 58,376 shares during the quarter. Bank of Nova Scotia's holdings in Sonoco Products were worth $2,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock worth $43,000 after acquiring an additional 752 shares in the last quarter. UMB Bank n.a. boosted its stake in Sonoco Products by 152.7% in the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after purchasing an additional 574 shares during the period. Quarry LP grew its position in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after purchasing an additional 511 shares in the last quarter. Colonial Trust Co SC raised its stake in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 453 shares during the period. Finally, Allworth Financial LP lifted its holdings in shares of Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 646 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Raymond James Financial lifted their price target on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price objective for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target for the company. Finally, UBS Group raised their price target on shares of Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.63.

Sonoco Products Stock Up 1.1%

Shares of SON traded up $0.51 during midday trading on Thursday, reaching $45.89. 826,093 shares of the stock were exchanged, compared to its average volume of 1,076,883. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 8.22, a P/E/G ratio of 0.61 and a beta of 0.69. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.77. The firm has a 50 day simple moving average of $45.53 and a 200-day simple moving average of $45.89.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.07). The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products's revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.28 EPS. Research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.6%. Sonoco Products's payout ratio is currently 37.99%.

Sonoco Products Company 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.