Community Trust & Investment Co. Invests $917,000 in Sonoco Products (NYSE:SON)

Community Trust & Investment Co. bought a new stake in shares of Sonoco Products (NYSE:SON - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,779 shares of the industrial products company's stock, valued at approximately $917,000.

A number of other hedge funds have also recently modified their holdings of SON. FinTrust Capital Advisors LLC lifted its holdings in Sonoco Products by 78.8% during the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company's stock worth $28,000 after buying an additional 216 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Sonoco Products during the 1st quarter worth about $50,000. Abich Financial Wealth Management LLC acquired a new stake in Sonoco Products during the 2nd quarter worth about $50,000. Gradient Investments LLC purchased a new position in Sonoco Products in the 2nd quarter valued at about $58,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock worth $95,000 after purchasing an additional 1,675 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded up $0.36 on Wednesday, reaching $52.88. 1,087 shares of the stock were exchanged, compared to its average volume of 608,488. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04. The business has a fifty day moving average price of $53.84 and a two-hundred day moving average price of $54.80. The firm has a market capitalization of $5.20 billion, a PE ratio of 13.26, a PEG ratio of 2.06 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the business earned $1.38 earnings per share. Sonoco Products's revenue was down 4.8% compared to the same quarter last year. As a group, research analysts anticipate that Sonoco Products will post 5.08 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.93%. Sonoco Products's dividend payout ratio (DPR) is presently 52.53%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SON. Raymond James assumed coverage on shares of Sonoco Products in a research note on Friday, July 19th. They issued an "outperform" rating and a $62.00 target price on the stock. StockNews.com cut shares of Sonoco Products from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, July 3rd. Wells Fargo & Company cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating and three 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 $59.00.

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.