Essex Financial Services Inc. Sells 1,240 Shares of Sonoco Products (NYSE:SON)

Essex Financial Services Inc. decreased its holdings in shares of Sonoco Products (NYSE:SON) by 7.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,368 shares of the industrial products company’s stock after selling 1,240 shares during the period. Essex Financial Services Inc.’s holdings in Sonoco Products were worth $914,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Sonoco Products by 0.6% during the third quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock valued at $596,205,000 after buying an additional 64,047 shares during the last quarter. Foundry Partners LLC grew its holdings in shares of Sonoco Products by 36.6% during the third quarter. Foundry Partners LLC now owns 72,266 shares of the industrial products company’s stock valued at $3,928,000 after buying an additional 19,354 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Sonoco Products during the third quarter valued at approximately $624,000. Financial Engines Advisors L.L.C. grew its holdings in shares of Sonoco Products by 84.8% during the third quarter. Financial Engines Advisors L.L.C. now owns 27,600 shares of the industrial products company’s stock valued at $1,500,000 after buying an additional 12,661 shares during the last quarter. Finally, Kestra Advisory Services LLC grew its holdings in shares of Sonoco Products by 14.3% during the third quarter. Kestra Advisory Services LLC now owns 32,499 shares of the industrial products company’s stock valued at $1,766,000 after buying an additional 4,058 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 2.0 %

SON opened at $55.58 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.10 and a debt-to-equity ratio of 1.08. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74. The company has a market capitalization of $5.45 billion, a PE ratio of 14.04, a PEG ratio of 2.18 and a beta of 0.68. The firm’s 50 day simple moving average is $56.96 and its two-hundred day simple moving average is $56.00.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the firm earned $1.40 earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. As a group, equities analysts forecast that Sonoco Products will post 5.21 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 3.74%. Sonoco Products’s dividend payout ratio (DPR) is presently 51.52%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TheStreet cut shares of Sonoco Products from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Wells Fargo & Company dropped their target price on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 20th. Finally, Citigroup dropped their target price on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insiders Place Their Bets

In other news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the sale, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the sale, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the sale, the insider now owns 11,988 shares in the company, valued at $672,047.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,076 shares of company stock worth $749,002. Company insiders own 0.51% of the company’s stock.

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.