Envestnet Asset Management Inc. Sells 8,423 Shares of Sonoco Products (NYSE:SON)

Envestnet Asset Management Inc. cut its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 7.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,370 shares of the industrial products company's stock after selling 8,423 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Sonoco Products worth $4,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. Arizona State Retirement System increased its stake in shares of Sonoco Products by 0.8% in the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after purchasing an additional 224 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Sonoco Products by 3.6% in the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock valued at $346,000 after acquiring an additional 243 shares during the period. Wedmont Private Capital boosted its position in shares of Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock valued at $306,000 after acquiring an additional 247 shares during the period. Pallas Capital Advisors LLC boosted its position in shares of Sonoco Products by 6.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock valued at $230,000 after acquiring an additional 284 shares during the period. Finally, Park Avenue Securities LLC lifted its position in Sonoco Products by 2.2% during the fourth quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company's stock valued at $688,000 after purchasing an additional 298 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SON shares. Raymond James dropped their target price on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group started coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. StockNews.com lowered shares of Sonoco Products from a "hold" rating to a "sell" rating in a report on Friday. Bank of America boosted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Finally, Citigroup lowered their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $56.43.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 3,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. This represents a 19.28 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares of the company's stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.74% of the company's stock.

Sonoco Products Stock Up 0.6 %

Shares of SON stock traded up $0.29 during midday trading on Monday, reaching $46.48. 451,075 shares of the stock were exchanged, compared to its average volume of 750,878. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73. The company's 50 day moving average is $45.66 and its two-hundred day moving average is $48.42. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The firm has a market cap of $4.58 billion, a PE ratio of 28.17, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.67 billion. On average, equities research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be given a $0.53 dividend. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date is Friday, May 9th. Sonoco Products's payout ratio is currently 128.48%.

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.