Sonoco Products Downgraded by DA Davidson to Neutral (SON)
Sonoco Products (NYSE:SON) was downgraded by stock analysts at DA Davidson from a “buy” rating to a “neutral” rating in a report issued on Thursday, TheFlyOnTheWall.com reports. They currently have a $37.00 price objective on the stock. DA Davidson’s price target would suggest a potential downside of 7.45% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Sonoco Products (NYSE:SON) traded up 2.72% on Thursday, hitting $39.98. 858,629 shares of the company’s stock traded hands. 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 $38.42 and a 200-day moving average of $35.72. The company has a market cap of $4.015 billion and a price-to-earnings ratio of 19.56.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 17th. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts predict that Sonoco Products will post $2.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Wednesday, November 13th.
SON has been the subject of a number of other recent research reports. Analysts at Goldman Sachs Group Inc. downgraded shares of Sonoco Products from a “neutral” rating to a “sell” rating in a research note to investors on Friday, October 11th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Sonoco Products in a research note to investors on Friday, September 13th. They now have a $40.00 price target on the stock. Finally, analysts at Barclays raised their price target on shares of Sonoco Products 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. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $37.25.
Sonoco Products Company (NYSE:SON) is a manufacturer of industrial and consumer packaging products and a provider of packaging services.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.