Sonoco Products Company (SON) Upgraded to Buy by Bank of America Corporation
Sonoco Products Company (NYSE:SON) was upgraded by equities research analysts at Bank of America Corporation from an “underperform” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. The firm currently has a $56.00 target price on the industrial products company’s stock. Bank of America Corporation’s price target points to a potential upside of 14.99% from the company’s previous close.
Several other research firms have also commented on SON. Vertical Research lowered shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Robert W. Baird raised shares of Sonoco Products from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $55.00 to $60.00 in a research note on Wednesday, July 19th. BidaskClub raised shares of Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Zacks Investment Research raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, June 22nd. Finally, Jefferies Group LLC reaffirmed a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Sonoco Products has a consensus rating of “Hold” and an average price target of $52.57.
Sonoco Products (SON) traded up 0.02% during midday trading on Wednesday, reaching $48.70. 760,349 shares of the company were exchanged. The firm has a market capitalization of $4.84 billion, a PE ratio of 18.49 and a beta of 1.12. The company has a 50-day moving average of $48.53 and a 200 day moving average of $51.16. Sonoco Products has a 52 week low of $47.10 and a 52 week high of $55.58.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, hitting the consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. Sonoco Products’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 earnings per share. Equities analysts predict that Sonoco Products will post $2.75 earnings per share for the current year.
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Several institutional investors and hedge funds have recently modified their holdings of SON. Pictet Asset Management Ltd. purchased a new stake in shares of Sonoco Products during the first quarter valued at $106,000. IFP Advisors Inc boosted its stake in shares of Sonoco Products by 13.2% during 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. Harfst & Associates Inc. purchased a new stake in shares of Sonoco Products during the second quarter valued at $126,000. Meadow Creek Investment Management LLC boosted its stake in shares of Sonoco Products by 11.5% during 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 purchasing an additional 336 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sonoco Products by 18.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after purchasing an additional 589 shares during the period. 72.57% of the stock is owned by hedge funds and other institutional investors.
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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