Commerce Bank Sells 1,070 Shares of Sonoco Products (NYSE:SON)

Commerce Bank decreased its position in Sonoco Products (NYSE:SON) by 4.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,663 shares of the industrial products company’s stock after selling 1,070 shares during the quarter. Commerce Bank’s holdings in Sonoco Products were worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Kennebec Savings Bank bought a new position in shares of Sonoco Products during the 3rd quarter valued at $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products during the third quarter valued at about $33,000. Abich Financial Wealth Management LLC bought a new position in Sonoco Products during the 2nd quarter valued at approximately $50,000. Gradient Investments LLC bought a new stake in shares of Sonoco Products in the 2nd quarter worth approximately $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 1,675 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Up 1.5 %

NYSE:SON opened at $50.92 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The firm’s 50-day moving average price is $52.72 and its 200-day moving average price is $53.88. The company has a market capitalization of $5.00 billion, a PE ratio of 17.50, a P/E/G ratio of 2.06 and a beta of 0.69. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the company earned $1.46 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. On average, equities analysts predict that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s payout ratio is 71.48%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Citigroup lifted their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $58.00.

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.