Sonoco Products (NYSE:SON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $56.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.75% from the stock’s current price.
According to Zacks, “For 2017, Sonoco's earnings per share guidance range is at $2.75-$2.81, the mid-point of which reflects year-over-year growth of 2.2%. Sonoco estimates that its adjusted earnings per share for 2018 will be in the range of $3.00-$3.10. The company remains committed to executing its ‘Grow and Optimize’ strategy, which is focused on targeted growth of Consumer Packaging and Protective Solutions businesses along with optimizing Industrial-focused businesses. The acquisitions of Clear Lam Packaging and Peninsula Packaging significantly expand Sonoco’s flexible packaging and thermoforming plastics capabilities. Additionally, it remains focused on accelerating organic growth by introducing new commercial products, improving manufacturing productivity and gaining market share.”
A number of other analysts have also commented on SON. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research note on Thursday, October 19th. Barclays increased their price objective on Sonoco Products from $48.00 to $49.00 and gave the company an “underweight” rating in a research note on Friday, October 20th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $60.00 price objective on shares of Sonoco Products in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Sonoco Products has an average rating of “Hold” and a consensus target price of $53.43.
A number of large investors have recently modified their holdings of SON. Ffcm LLC acquired a new stake in Sonoco Products in the 3rd quarter worth about $113,000. First Personal Financial Services boosted its stake in Sonoco Products by 235.7% in the 4th quarter. First Personal Financial Services now owns 2,182 shares of the industrial products company’s stock worth $116,000 after buying an additional 1,532 shares during the last quarter. Howland Capital Management LLC acquired a new stake in Sonoco Products in the 4th quarter worth about $201,000. Dividend Assets Capital LLC acquired a new stake in Sonoco Products in the 4th quarter worth about $203,000. Finally, UMB Bank N A MO acquired a new stake in Sonoco Products in the 4th quarter worth about $204,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.
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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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