NGAM Advisors L.P. reduced its stake in shares of Sonoco Products Company (NYSE:SON) by 62.8% during the second quarter, Holdings Channel reports. The firm owned 57,638 shares of the industrial products company’s stock after selling 97,285 shares during the period. NGAM Advisors L.P.’s holdings in Sonoco Products were worth $2,964,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. United Services Automobile Association increased its position in shares of Sonoco Products by 109.6% in the first quarter. United Services Automobile Association now owns 18,360 shares of the industrial products company’s stock valued at $972,000 after buying an additional 9,600 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Sonoco Products by 7.0% in the first quarter. Ameritas Investment Partners Inc. now owns 38,856 shares of the industrial products company’s stock valued at $2,056,000 after buying an additional 2,549 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Sonoco Products by 2,582.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 24,085 shares of the industrial products company’s stock valued at $1,275,000 after buying an additional 23,187 shares during the period. Russell Investments Group Ltd. increased its position in shares of Sonoco Products by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 96,899 shares of the industrial products company’s stock valued at $5,128,000 after buying an additional 7,478 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Sonoco Products by 47.3% in the first quarter. Legal & General Group Plc now owns 110,390 shares of the industrial products company’s stock valued at $5,843,000 after buying an additional 35,429 shares during the period. 73.92% of the stock is currently owned by institutional investors.

Sonoco Products Company (NYSE SON) opened at 47.97 on Friday. The stock’s 50 day moving average price is $50.39 and its 200-day moving average price is $52.01. The company has a market cap of $4.77 billion, a P/E ratio of 18.21 and a beta of 1.12. Sonoco Products Company has a 52-week low of $47.97 and a 52-week high of $55.58.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts predict that Sonoco Products Company will post $2.75 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 11th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.25%. Sonoco Products’s payout ratio is presently 59.09%.

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SON has been the topic of several research analyst reports. BidaskClub downgraded Sonoco Products from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Bank of America Corporation increased their price target on Sonoco Products from $55.00 to $56.00 and gave the stock an “underperform” rating in a research report on Friday, July 21st. Vertical Research raised Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a research report on Wednesday, August 2nd. Barclays PLC reissued an “overweight” rating on shares of Sonoco Products in a research report on Friday, April 14th. Finally, Jefferies Group LLC reissued a “neutral” rating on shares of Sonoco Products in a research report on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $52.57.

About Sonoco Products

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.

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

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