Sonoco Products Stock Rating Reaffirmed by Zacks (SON)
Sonoco Products (NYSE:SON)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday, AR Network reports. They currently have a $40.00 target price on the stock. Zacks‘ price objective suggests a potential upside of 4.14% from the company’s current price.
Zacks‘ analyst wrote, “Adjusted earnings per share for Sonoco Products edged up 2% to $0.59 in the second quarter, while net sales increased 2% to $1.23 billion. Sonoco’s consumer business appears to have turned the corner with volumes picking up in its high-margin composite can business. New products, geographical expansion, promotional activities and price increase will support revenues for the segment. The Energizer contract as well as customer wins will provide a boost to the Display and Packaging segment. However, uncertainty among its customers given the slow recovery in the U.S. and ongoing European weakness remain headwinds for the company. We, thus, maintain our Neutral recommendation on Sonoco Products with a target price of $40.00. “
A number of other analysts have also recently weighed in on SON. Analysts at Barclays Capital raised their price target on shares of Sonoco Products (NYSE:SON) from $32.00 to $36.00 in a research note to investors on Tuesday, July 23rd. They now have an “equal weight” rating on the stock. Separately, analysts at Merrill Lynch upgraded shares of Sonoco Products (NYSE:SON) from a “neutral” rating to a “buy” rating in a research note to investors on Monday, July 22nd. Finally, analysts at Bank of America Corp. upgraded shares of Sonoco Products (NYSE:SON) from a “neutral” rating to a “buy” rating in a research note to investors on Monday, July 22nd. They now have a $42.00 price target on the stock, up previously from $38.00.
One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Sonoco Products presently has an average rating of “Hold” and a consensus target price of $36.75.
Shares of Sonoco Products (NYSE:SON) traded up 1.15% during mid-day trading on Friday, hitting $38.85. The stock had a trading volume of 123,490 shares. Sonoco Products has a 52-week low of $29.00 and a 52-week high of $39.63. The stock has a 50-day moving average of $38.41 and a 200-day moving average of $35.66. The company has a market cap of $3.901 billion and a price-to-earnings ratio of 19.30.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, July 18th. The company reported $0.59 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.58 by $0.01. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, analysts predict that Sonoco Products will post $2.30 earnings per share for the current fiscal year.
Sonoco Products Company (NYSE:SON) is a manufacturer of industrial and consumer packaging products and a provider of packaging services.
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