Evercore Wealth Management LLC Cuts Position in Sonoco Products (NYSE:SON)

Evercore Wealth Management LLC reduced its holdings in shares of Sonoco Products (NYSE:SON) by 22.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,446 shares of the industrial products company’s stock after selling 11,745 shares during the quarter. Evercore Wealth Management LLC’s holdings in Sonoco Products were worth $2,025,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Barclays PLC raised its position in Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company’s stock valued at $5,184,000 after purchasing an additional 21,799 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products in the third quarter valued at about $71,000. Tidal Investments LLC raised its holdings in shares of Sonoco Products by 36.0% during the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock valued at $1,417,000 after buying an additional 6,869 shares during the period. Franklin Resources Inc. lifted its position in Sonoco Products by 110.4% during the 3rd quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company’s stock worth $4,018,000 after acquiring an additional 38,564 shares in the last quarter. Finally, Trust Co of the South boosted its holdings in Sonoco Products by 11.4% in the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company’s stock worth $794,000 after acquiring an additional 1,658 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Insider Transactions at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John R. Haley bought 3,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $46.76 per share, with a total value of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares of the company’s stock, valued at $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.74% of the company’s stock.

Sonoco Products Stock Up 0.7 %

NYSE:SON opened at $45.32 on Thursday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 27.47, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The stock has a 50-day simple moving average of $45.73 and a 200 day simple moving average of $48.64.

Sonoco Products (NYSE:SON) last issued its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.01). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Sell-side analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.68%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. Sonoco Products’s dividend payout ratio is 128.48%.

Analyst Ratings Changes

Several brokerages have recently weighed in on SON. Citigroup decreased their target price on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research report on Tuesday. They issued a “buy” rating and a $62.00 price objective for the company. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Raymond James reduced their price target on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Bank of America lifted their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.43.

About Sonoco Products

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.