Wall Street Zen Upgrades Sonoco Products (NYSE:SON) to “Buy”

Sonoco Products (NYSE:SON) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other equities research analysts have also recently commented on the company. Truist Financial boosted their target price on Sonoco Products from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. UBS Group lifted their price target on Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a research report on Monday, January 12th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price objective (down previously from $52.00) on shares of Sonoco Products in a research note on Tuesday, January 6th. Jefferies Financial Group decreased their target price on Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Finally, Raymond James Financial set a $60.00 price target on shares of Sonoco Products in a research report on Monday, January 5th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Sonoco Products presently has an average rating of “Hold” and an average price target of $54.86.

Sonoco Products Stock Up 1.2%

SON stock opened at $51.41 on Friday. The firm’s 50-day moving average is $45.49 and its two-hundred day moving average is $44.35. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 8.16, a price-to-earnings-growth ratio of 0.79 and a beta of 0.54. Sonoco Products has a 52 week low of $38.65 and a 52 week high of $51.83. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds have recently modified their holdings of SON. LSV Asset Management raised its holdings in Sonoco Products by 95.7% during the 4th quarter. LSV Asset Management now owns 1,563,390 shares of the industrial products company’s stock worth $68,226,000 after buying an additional 764,590 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Sonoco Products by 3.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 199,927 shares of the industrial products company’s stock worth $8,725,000 after buying an additional 6,982 shares during the period. FourThought Financial Partners LLC purchased a new position in shares of Sonoco Products in the fourth quarter worth approximately $333,000. Global Retirement Partners LLC raised its holdings in shares of Sonoco Products by 764.2% during the fourth quarter. Global Retirement Partners LLC now owns 3,794 shares of the industrial products company’s stock valued at $166,000 after acquiring an additional 3,355 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of Sonoco Products by 8.6% during the fourth quarter. IFP Advisors Inc now owns 2,996 shares of the industrial products company’s stock valued at $131,000 after acquiring an additional 237 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.