Sonoco Products (NYSE:SON) was upgraded by equities research analysts at Barclays from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $55.00 price target on the industrial products company’s stock, up from their prior price target of $49.00. Barclays’ target price suggests a potential upside of 2.52% from the stock’s previous close.
A number of other equities research analysts have also recently commented on the company. Bank of America upgraded Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, September 6th. Robert W. Baird reiterated a “buy” rating and issued a $60.00 price target on shares of Sonoco Products in a research note on Friday, November 10th. Zacks Investment Research cut Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Jefferies Group reiterated a “hold” rating and issued a $48.00 price target on shares of Sonoco Products in a research note on Thursday, September 7th. Finally, KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research note on Thursday, October 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $53.00.
Sonoco Products (NYSE SON) traded up $0.52 during trading on Friday, reaching $53.65. The company’s stock had a trading volume of 1,246,068 shares, compared to its average volume of 531,187. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59. Sonoco Products has a 52 week low of $47.10 and a 52 week high of $55.77. The stock has a market capitalization of $5,340.81, a PE ratio of 20.05, a PEG ratio of 4.11 and a beta of 1.15.
In other news, VP Marcy J. Thompson sold 565 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $51.00, for a total value of $28,815.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Barry L. Saunders sold 5,645 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the transaction, the chief financial officer now owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,937 shares of company stock valued at $363,088. Company insiders own 1.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Sonoco Products by 0.3% during the second quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after acquiring an additional 29,532 shares in the last quarter. State Street Corp raised its position in Sonoco Products by 1.2% during the second quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after acquiring an additional 77,004 shares in the last quarter. Wells Fargo & Company MN raised its position in Sonoco Products by 7.4% during the second quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after acquiring an additional 251,027 shares in the last quarter. American Century Companies Inc. raised its position in Sonoco Products by 15.7% during the third quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after acquiring an additional 349,455 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Sonoco Products by 1.0% during the third quarter. Bank of New York Mellon Corp now owns 1,363,962 shares of the industrial products company’s stock valued at $68,811,000 after acquiring an additional 13,158 shares in the last quarter. Institutional investors own 72.27% of the company’s stock.
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.