Sonoco Products Company (NYSE:SON) Earns “Underweight” Rating from Barclays PLC
Sonoco Products Company (NYSE:SON)‘s stock had its “underweight” rating reiterated by stock analysts at Barclays PLC in a research report issued to clients and investors on Monday. They presently have a $48.00 price target on the industrial products company’s stock, up from their previous price target of $45.00. Barclays PLC’s price target points to a potential downside of 1.68% from the stock’s previous close.
Several other equities analysts have also recently weighed in on SON. DA Davidson upgraded Sonoco Products from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $48.00 to $54.00 in a report on Friday, April 21st. Jefferies Group LLC restated a “hold” rating and issued a $48.00 price objective (up previously from $47.00) on shares of Sonoco Products in a report on Sunday, April 23rd. BidaskClub upgraded Sonoco Products from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Zacks Investment Research cut Sonoco Products from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $55.00 to $60.00 in a report on Wednesday, July 19th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $52.14.
Shares of Sonoco Products (NYSE SON) traded down 1.25% during mid-day trading on Monday, hitting $48.82. The company’s stock had a trading volume of 809,681 shares. The stock has a market cap of $4.92 billion, a PE ratio of 18.53 and a beta of 1.14. Sonoco Products has a 1-year low of $48.79 and a 1-year high of $55.58. The company has a 50-day moving average price of $51.29 and a 200-day moving average price of $52.53.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. Sonoco Products’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 EPS. Analysts predict that Sonoco Products will post $2.75 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Pictet Asset Management Ltd. acquired a new position in shares of Sonoco Products during the first quarter valued at approximately $106,000. IFP Advisors Inc boosted its position in shares of Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock valued at $110,000 after buying an additional 242 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock valued at $130,000 after buying an additional 2,000 shares in the last quarter. Meadow Creek Investment Management LLC boosted its position in shares of Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after buying an additional 336 shares in the last quarter. Finally, Clinton Group Inc. acquired a new position in shares of Sonoco Products during the first quarter valued at approximately $208,000. 74.07% of the stock is currently owned by institutional investors.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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