Sonoco Products Company (NYSE:SON) Receives Consensus Rating of “Hold” from Brokerages
Shares of Sonoco Products Company (NYSE:SON) have been assigned a consensus rating of “Hold” from the ten analysts that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $52.57.
Several equities research analysts recently commented on the company. DA Davidson upgraded Sonoco Products from an “underperform” rating to a “neutral” rating and upped their target price for the company from $48.00 to $54.00 in a research report on Friday, April 21st. BidaskClub upgraded Sonoco Products from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Barclays PLC restated an “underweight” rating and set a $48.00 target price (up previously from $45.00) on shares of Sonoco Products in a research report on Monday, July 24th. Jefferies Group LLC restated a “hold” rating and set a $48.00 target price (up previously from $47.00) on shares of Sonoco Products in a research report on Sunday, April 23rd. Finally, Zacks Investment Research lowered Sonoco Products from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Sonoco Products by 5,164.3% in the first quarter. BlackRock Inc. now owns 11,100,154 shares of the industrial products company’s stock valued at $587,419,000 after buying an additional 10,889,296 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Sonoco Products by 15.5% in the first quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock valued at $503,591,000 after buying an additional 1,280,470 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Sonoco Products during the second quarter valued at about $42,170,000. American Century Companies Inc. raised its position in shares of Sonoco Products by 21.4% in the first quarter. American Century Companies Inc. now owns 1,971,998 shares of the industrial products company’s stock valued at $104,358,000 after buying an additional 347,375 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Sonoco Products by 9.0% in the first quarter. Wells Fargo & Company MN now owns 3,411,886 shares of the industrial products company’s stock valued at $180,558,000 after buying an additional 280,668 shares during the last quarter. Institutional investors and hedge funds own 73.92% of the company’s stock.
Shares of Sonoco Products (NYSE SON) traded down 0.49% during trading on Tuesday, reaching $49.03. The company’s stock had a trading volume of 222,682 shares. The firm has a market cap of $4.94 billion, a PE ratio of 18.61 and a beta of 1.12. The company’s 50 day moving average price is $50.86 and its 200 day moving average price is $52.22. Sonoco Products has a 12 month low of $48.41 and a 12 month high of $55.58.
Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, meeting the consensus estimate of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the company earned $0.73 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts predict that Sonoco Products will post $2.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 11th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 annualized dividend and a yield of 3.17%. Sonoco Products’s payout ratio is currently 59.09%.
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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