Jefferies Group LLC Reaffirms Hold Rating for Sonoco Products Company (SON)
Sonoco Products Company (NYSE:SON)‘s stock had its “hold” rating reiterated by analysts at Jefferies Group LLC in a research report issued on Thursday. They presently have a $48.00 price objective on the industrial products company’s stock. Jefferies Group LLC’s price objective points to a potential downside of 1.42% from the company’s current price.
A number of other research firms have also recently weighed in on SON. Vertical Research cut Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, July 21st. Robert W. Baird raised Sonoco Products from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $55.00 to $60.00 in a report on Wednesday, July 19th. BidaskClub raised Sonoco Products from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Zacks Investment Research raised Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, June 22nd. Finally, Bank of America Corporation boosted their price target on Sonoco Products from $55.00 to $56.00 and gave the stock an “underperform” rating in a report on Friday, July 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $52.57.
Shares of Sonoco Products (NYSE:SON) traded down 0.02% during mid-day trading on Thursday, reaching $48.69. The company’s stock had a trading volume of 1,039,224 shares. The company’s 50-day moving average is $48.74 and its 200 day moving average is $51.19. The firm has a market capitalization of $4.84 billion, a P/E ratio of 18.49 and a beta of 1.12. Sonoco Products has a 1-year low of $47.10 and a 1-year high of $55.58.
Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, hitting the Zacks’ 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 during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts expect that Sonoco Products will post $2.75 earnings per share for the current year.
Several large investors have recently made changes to their positions in SON. Acadian Asset Management LLC purchased a new stake in shares of Sonoco Products in the first quarter valued at $901,000. Russell Investments Group Ltd. grew its position in shares of Sonoco Products by 8.4% in the first quarter. Russell Investments Group Ltd. now owns 96,899 shares of the industrial products company’s stock valued at $5,128,000 after purchasing an additional 7,478 shares during the period. IFP Advisors Inc grew 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 purchasing an additional 242 shares during the period. Oregon Public Employees Retirement Fund grew its position in shares of Sonoco Products by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,533 shares of the industrial products company’s stock valued at $1,880,000 after purchasing an additional 500 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in shares of Sonoco Products by 5.9% in the first quarter. Great West Life Assurance Co. Can now owns 74,539 shares of the industrial products company’s stock valued at $3,945,000 after purchasing an additional 4,183 shares during the period. 72.57% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Company Profile
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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