Meiji Yasuda Asset Management Co Ltd. Decreases Stake in Sonoco Products Company $SON

Meiji Yasuda Asset Management Co Ltd. lessened its stake in shares of Sonoco Products Company (NYSE:SON) by 6.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 192,945 shares of the industrial products company’s stock after selling 12,739 shares during the period. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.20% of Sonoco Products worth $8,314,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Linden Thomas Advisory Services LLC grew its holdings in shares of Sonoco Products by 2.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 12,742 shares of the industrial products company’s stock valued at $549,000 after buying an additional 345 shares during the last quarter. SG Americas Securities LLC raised its stake in Sonoco Products by 5.3% in the 3rd quarter. SG Americas Securities LLC now owns 7,043 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 354 shares during the last quarter. Gentry Private Wealth LLC lifted its position in Sonoco Products by 3.7% during the 3rd quarter. Gentry Private Wealth LLC now owns 10,181 shares of the industrial products company’s stock worth $439,000 after acquiring an additional 362 shares during the period. AlphaCore Capital LLC grew its stake in Sonoco Products by 5.1% during the 3rd quarter. AlphaCore Capital LLC now owns 7,655 shares of the industrial products company’s stock valued at $330,000 after purchasing an additional 370 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in Sonoco Products by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 29,185 shares of the industrial products company’s stock valued at $1,258,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.8%

Shares of SON stock opened at $53.29 on Friday. Sonoco Products Company has a twelve month low of $38.65 and a twelve month high of $58.44. The stock has a market cap of $5.26 billion, a P/E ratio of 5.29, a P/E/G ratio of 1.07 and a beta of 0.51. The stock has a 50 day moving average of $50.36 and a 200 day moving average of $45.50. The company has a current ratio of 1.05, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The business’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 EPS. As a group, sell-side analysts expect that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.0%. The ex-dividend date is Wednesday, February 25th. Sonoco Products’s dividend payout ratio (DPR) is currently 21.05%.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the transaction, the insider owned 9,377 shares in the company, valued at approximately $528,769.03. This represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on SON shares. Wells Fargo & Company raised their price objective on Sonoco Products from $47.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, January 21st. Wall Street Zen raised shares of Sonoco Products from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and upped their price objective for the company from $56.00 to $60.00 in a report on Monday, January 5th. Finally, Citigroup increased their price objective on shares of Sonoco Products from $52.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $62.63.

Sonoco Products Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.