Envestnet Asset Management Inc. lowered its stake in shares of Sonoco Products Co (NYSE:SON) by 8.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,325 shares of the industrial products company’s stock after selling 1,999 shares during the period. Envestnet Asset Management Inc.’s holdings in Sonoco Products were worth $1,076,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Sonoco Products by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after buying an additional 29,532 shares during the period. State Street Corp boosted its stake in shares of Sonoco Products by 1.2% during the 2nd quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after buying an additional 77,004 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Sonoco Products by 7.4% during the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after buying an additional 251,027 shares during the period. American Century Companies Inc. boosted its stake in shares of Sonoco Products by 15.7% during the 3rd quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after buying an additional 349,455 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Sonoco Products by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,363,962 shares of the industrial products company’s stock valued at $68,811,000 after buying an additional 13,158 shares during the period. 72.04% of the stock is owned by institutional investors.

A number of equities research analysts have issued reports on the stock. Barclays raised shares of Sonoco Products from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $49.00 to $55.00 in a research note on Friday, December 15th. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a research note on Sunday, December 3rd. Zacks Investment Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Robert W. Baird reissued a “buy” rating and set a $60.00 target price on shares of Sonoco Products in a research note on Friday, September 1st. Finally, Jefferies Group reissued a “hold” rating and set a $48.00 target price on shares of Sonoco Products in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Sonoco Products presently has a consensus rating of “Hold” and an average target price of $53.00.

In related news, CFO Barry L. Saunders sold 5,645 shares of Sonoco Products stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the sale, the chief financial officer now owns 60,455 shares of the company’s stock, valued at approximately $3,167,237.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Marcy J. Thompson sold 565 shares of Sonoco Products stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $51.00, for a total transaction of $28,815.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is owned by company insiders.

Shares of Sonoco Products Co (NYSE:SON) opened at $53.70 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. Sonoco Products Co has a 52 week low of $47.10 and a 52 week high of $55.77. The stock has a market cap of $5,340.00, a price-to-earnings ratio of 20.02, a P/E/G ratio of 4.11 and a beta of 1.15.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business earned $0.72 EPS. Sonoco Products’s quarterly revenue was up 9.6% compared to the same quarter last year. research analysts forecast that Sonoco Products Co will post 2.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 10th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.91%. The ex-dividend date was Thursday, November 9th. Sonoco Products’s payout ratio is presently 57.35%.

TRADEMARK VIOLATION NOTICE: This story was first posted by Watch List News and is the property of of Watch List News. If you are reading this story on another website, it was illegally stolen and republished in violation of U.S. and international copyright & trademark legislation. The original version of this story can be viewed at https://www.watchlistnews.com/sonoco-products-co-son-position-reduced-by-envestnet-asset-management-inc/1774213.html.

Sonoco Products Profile

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.

Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

Receive News & Ratings for Sonoco Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.