Brokerages Set Sonoco Products Company (NYSE:SON) PT at $56.25

Sonoco Products Company (NYSE:SONGet Free Report) has been given an average recommendation of “Moderate Buy” by the eight research firms that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $56.25.

A number of analysts have commented on the stock. Raymond James Financial cut their price target on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Truist Financial cut their price target on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. UBS Group assumed coverage on shares of Sonoco Products in a research note on Wednesday, June 4th. They set a “neutral” rating and a $48.00 target price for the company. Wall Street Zen upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company upgraded shares of Sonoco Products from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd.

Check Out Our Latest Stock Analysis on Sonoco Products

Sonoco Products Stock Performance

Shares of SON opened at $43.45 on Tuesday. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $57.21. The firm has a fifty day simple moving average of $44.96 and a 200 day simple moving average of $46.72. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 0.54 and a beta of 0.70. The company has a current ratio of 0.80, a quick ratio of 0.51 and a debt-to-equity ratio of 2.02.

Sonoco Products (NYSE:SONGet Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.03). The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. The business’s revenue was up 30.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.12 EPS. Research analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.88%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date was Friday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is currently 137.66%.

Insider Buying and Selling

In other news, Director John R. Haley bought 2,246 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were purchased at an average cost of $44.57 per share, with a total value of $100,104.22. Following the acquisition, the director now directly owns 20,804 shares in the company, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was purchased at an average cost of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the acquisition, the chief executive officer now owns 502,365 shares in the company, valued at approximately $20,682,367.05. This trade represents a 4.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently made changes to their positions in SON. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Sonoco Products by 508.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 752 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 574 shares during the last quarter. Quarry LP grew its holdings in shares of Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC grew its holdings in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Sonoco Products by 152.0% during the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 646 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

About Sonoco Products

(Get Free Report

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.

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Analyst Recommendations for Sonoco Products (NYSE:SON)

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