Tocqueville Asset Management L.P. Reduces Stock Holdings in Sonoco Products Co (NYSE:SON)

Tocqueville Asset Management L.P. decreased its holdings in Sonoco Products Co (NYSE:SON) by 0.3% in the second quarter, HoldingsChannel.com reports. The fund owned 150,296 shares of the industrial products company’s stock after selling 457 shares during the period. Tocqueville Asset Management L.P.’s holdings in Sonoco Products were worth $9,820,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Sonoco Products by 6.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,790,540 shares of the industrial products company’s stock worth $95,129,000 after buying an additional 101,969 shares in the last quarter. FMR LLC grew its stake in shares of Sonoco Products by 10.3% during the 4th quarter. FMR LLC now owns 996,498 shares of the industrial products company’s stock valued at $52,944,000 after purchasing an additional 93,013 shares during the period. Geode Capital Management LLC grew its stake in shares of Sonoco Products by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock valued at $52,284,000 after purchasing an additional 61,583 shares during the period. Deutsche Bank AG grew its stake in shares of Sonoco Products by 15.1% during the 4th quarter. Deutsche Bank AG now owns 129,524 shares of the industrial products company’s stock valued at $6,878,000 after purchasing an additional 16,956 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Sonoco Products by 28.3% during the 1st quarter. State of Alaska Department of Revenue now owns 30,494 shares of the industrial products company’s stock valued at $1,874,000 after purchasing an additional 6,731 shares during the period. 74.07% of the stock is owned by institutional investors.

In other news, VP Marcy J. Thompson sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.37, for a total value of $72,539.34. Following the completion of the transaction, the vice president now directly owns 18,938 shares in the company, valued at $1,162,225.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

A number of research firms have issued reports on SON. BMO Capital Markets downgraded Sonoco Products from a “market perform” rating to an “underperform” rating and cut their price target for the company from $60.00 to $56.00 in a research note on Monday, July 15th. Robert W. Baird set a $70.00 price target on Sonoco Products and gave the company a “buy” rating in a research note on Friday, July 19th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research note on Thursday, July 18th. Wells Fargo & Co set a $58.00 price target on Sonoco Products and gave the company a “hold” rating in a research note on Monday, April 22nd. Finally, Goldman Sachs Group cut Sonoco Products from a “neutral” rating to a “sell” rating and set a $59.00 price target for the company. in a research note on Monday, June 24th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Sonoco Products presently has a consensus rating of “Hold” and an average target price of $61.17.

Shares of NYSE:SON traded down $0.22 during trading on Tuesday, hitting $57.12. The stock had a trading volume of 22,170 shares, compared to its average volume of 605,668. Sonoco Products Co has a 12-month low of $50.30 and a 12-month high of $66.57. The firm has a market capitalization of $5.87 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 3.53 and a beta of 0.90. The company has a quick ratio of 0.84, a current ratio of 1.24 and a debt-to-equity ratio of 0.64. The business’s 50-day moving average price is $62.48.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.02). Sonoco Products had a return on equity of 19.55% and a net margin of 5.61%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year. Equities research analysts anticipate that Sonoco Products Co will post 3.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Thursday, August 8th. Sonoco Products’s payout ratio is 51.04%.

Sonoco Products Profile

Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.

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

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