Sonoco Products (NYSE:SON) Downgraded to “Hold” at ValuEngine

ValuEngine cut shares of Sonoco Products (NYSE:SON) from a buy rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

A number of other equities research analysts have also weighed in on SON. Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the company a hold rating in a report on Monday, April 22nd. Goldman Sachs Group downgraded shares of Metcash from a conviction-buy rating to a neutral rating in a research report on Monday, June 24th. KeyCorp reiterated a hold rating on shares of Sonoco Products in a research report on Thursday. Bank of America set a $80.00 price objective on shares of Colgate-Palmolive and gave the stock a buy rating in a research report on Friday, July 12th. Finally, Argus upgraded shares of Sonoco Products from a hold rating to a buy rating and set a $68.00 price objective for the company in a research report on Wednesday, April 24th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $59.17.

Shares of SON opened at $60.92 on Thursday. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 3.64 and a beta of 0.94. The company has a quick ratio of 0.91, a current ratio of 1.24 and a debt-to-equity ratio of 0.64. Sonoco Products has a 1-year low of $50.30 and a 1-year high of $66.57. The firm’s fifty day moving average is $64.79.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 18th. The industrial products company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. Sonoco Products’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the firm earned $0.93 earnings per share. On average, equities research analysts forecast that Sonoco Products will post 3.57 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a $0.43 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.82%. Sonoco Products’s dividend payout ratio (DPR) is currently 51.04%.

In related news, SVP R. Howard Coker sold 6,484 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total transaction of $401,618.96. Following the completion of the transaction, the senior vice president now owns 215,108 shares in the company, valued at approximately $13,323,789.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the company’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $62.25, for a total transaction of $50,547.00. Following the transaction, the vice president now owns 7,938 shares of the company’s stock, valued at approximately $494,140.50. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meridian Wealth Management LLC raised its position in shares of Sonoco Products by 3.2% during the 2nd quarter. Meridian Wealth Management LLC now owns 6,310 shares of the industrial products company’s stock worth $412,000 after purchasing an additional 195 shares during the last quarter. Hallmark Capital Management Inc. raised its holdings in Sonoco Products by 0.7% in the 1st quarter. Hallmark Capital Management Inc. now owns 31,477 shares of the industrial products company’s stock valued at $1,937,000 after acquiring an additional 215 shares during the last quarter. Old North State Trust LLC raised its holdings in Sonoco Products by 4.6% in the 2nd quarter. Old North State Trust LLC now owns 5,918 shares of the industrial products company’s stock valued at $387,000 after acquiring an additional 262 shares during the last quarter. Advisor Group Inc. raised its holdings in Sonoco Products by 1.4% in the 1st quarter. Advisor Group Inc. now owns 19,412 shares of the industrial products company’s stock valued at $1,194,000 after acquiring an additional 277 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Sonoco Products by 3.3% in the 1st quarter. Crossmark Global Holdings Inc. now owns 8,995 shares of the industrial products company’s stock valued at $553,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 73.87% of the company’s stock.

About Sonoco Products

Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.

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