Community Trust & Investment Co. Purchases Shares of 16,779 Sonoco Products (NYSE:SON)

Community Trust & Investment Co. acquired a new stake in Sonoco Products (NYSE:SON - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,779 shares of the industrial products company's stock, valued at approximately $917,000.

Several other large investors also recently modified their holdings of SON. Global Assets Advisory LLC bought a new position in Sonoco Products during the first quarter worth about $2,372,000. GoalVest Advisory LLC increased its position in Sonoco Products by 7.2% during the first quarter. GoalVest Advisory LLC now owns 19,901 shares of the industrial products company's stock worth $1,151,000 after acquiring an additional 1,336 shares during the period. Norwood Financial Corp increased its position in Sonoco Products by 31.5% during the first quarter. Norwood Financial Corp now owns 1,775 shares of the industrial products company's stock worth $103,000 after acquiring an additional 425 shares during the period. Oak Thistle LLC bought a new position in Sonoco Products during the first quarter worth about $251,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Sonoco Products during the first quarter worth about $50,000. 77.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SON has been the topic of several recent analyst reports. Raymond James initiated coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an "outperform" rating and a $62.00 target price on the stock. Wells Fargo & Company lowered shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com downgraded shares of Sonoco Products from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Sonoco Products Price Performance

Shares of SON traded up $0.20 during mid-day trading on Wednesday, reaching $52.72. The company had a trading volume of 603,972 shares, compared to its average volume of 611,429. The company's 50 day simple moving average is $53.84 and its 200 day simple moving average is $54.80. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 2.06 and a beta of 0.68.

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

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 3.95%. Sonoco Products's dividend payout ratio is presently 52.53%.

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.