Sonoco Products Downgraded by Bank of America Corp. to “Neutral” (SON)
Sonoco Products (NYSE:SON) was downgraded by equities research analysts at Bank of America Corp. to a “neutral” rating in a research note issued to investors on Friday, American Banking News.com reports.
Sonoco Products (NYSE:SON) opened at 41.63 on Friday. Sonoco Products has a 1-year low of $29.75 and a 1-year high of $41.84. The stock’s 50-day moving average is $40.66 and its 200-day moving average is $38.8. The company has a market cap of $4.244 billion and a P/E ratio of 20.76.
Sonoco Products (NYSE:SON) last issued its quarterly earnings data 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 last year, the company posted $0.55 earnings per share. Sonoco Products’s revenue was up 2.7% compared to the same quarter last year.
A number of other analysts have also recently weighed in on SON. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Sonoco Products in a research note to investors on Thursday, December 12th. They now have a $38.00 price target on the stock, up previously from $36.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Sonoco Products in a research note to investors on Friday, November 29th. They now have a $42.00 price target on the stock. Finally, analysts at Robert W. Baird raised their price target on shares of Sonoco Products from $37.00 to $40.00 in a research note to investors on Friday, October 18th. They now have a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $37.38.
In other Sonoco Products news, Director John Linville sold 5,000 shares of Sonoco Products stock on the open market in a transaction dated Thursday, December 26th. The stock was sold at an average price of $41.21, for a total transaction of $206,050.00. Following the sale, the director now directly owns 233,787 shares of the company’s stock, valued at approximately $9,634,362. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Sonoco Products Company (NYSE:SON) is a manufacturer of industrial and consumer packaging products and a provider of packaging services.
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