Federated Hermes Inc. Trims Stake in Sonoco Products Co (NYSE:SON)

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Federated Hermes Inc. lessened its holdings in Sonoco Products Co (NYSE:SON) by 21.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,811 shares of the industrial products company’s stock after selling 5,789 shares during the quarter. Federated Hermes Inc.’s holdings in Sonoco Products were worth $1,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Creative Financial Designs Inc. ADV purchased a new stake in Sonoco Products in the second quarter worth about $37,000. Ameritas Investment Company LLC purchased a new stake in Sonoco Products in the first quarter worth about $39,000. Ellevest Inc. grew its holdings in Sonoco Products by 524.0% in the second quarter. Ellevest Inc. now owns 1,797 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 1,509 shares during the period. Fifth Third Bancorp grew its holdings in Sonoco Products by 46.3% in the first quarter. Fifth Third Bancorp now owns 1,984 shares of the industrial products company’s stock worth $92,000 after purchasing an additional 628 shares during the period. Finally, Leelyn Smith LLC grew its holdings in Sonoco Products by 56.7% in the second quarter. Leelyn Smith LLC now owns 1,990 shares of the industrial products company’s stock worth $104,000 after purchasing an additional 720 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

In other Sonoco Products news, EVP Rodger D. Fuller sold 5,638 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $54.95, for a total transaction of $309,808.10. Following the completion of the sale, the executive vice president now directly owns 73,674 shares of the company’s stock, valued at $4,048,386.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.58% of the stock is currently owned by corporate insiders.

A number of equities research analysts have weighed in on the stock. Argus cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research note on Thursday, July 16th. Zacks Investment Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating and set a $52.00 target price on the stock. in a research note on Friday, May 22nd. Wells Fargo & Company upgraded shares of Sonoco Products from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $48.00 to $60.00 in a research note on Thursday, May 21st. Finally, TheStreet upgraded shares of Sonoco Products from a “c+” rating to a “b-” rating in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.57.

Shares of Sonoco Products stock opened at $54.22 on Wednesday. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 3.27 and a beta of 0.79. The company’s 50 day moving average is $53.63 and its 200 day moving average is $50.42. Sonoco Products Co has a twelve month low of $37.30 and a twelve month high of $62.77. The company has a quick ratio of 1.09, a current ratio of 1.42 and a debt-to-equity ratio of 0.90.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 16th. The industrial products company reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.32 billion. Sonoco Products had a net margin of 5.23% and a return on equity of 19.35%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.95 earnings per share. Sell-side analysts expect that Sonoco Products Co will post 3.27 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were issued a dividend of $0.43 per share. The ex-dividend date was Friday, August 7th. This represents a $1.72 dividend on an annualized basis and a yield of 3.17%. Sonoco Products’s dividend payout ratio is currently 48.73%.

About Sonoco Products

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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