Sonoco Products (NYSE:SON) Price Target Increased to $63.00 by Analysts at Citigroup

Sonoco Products (NYSE:SON) had its price target boosted by Citigroup from $62.00 to $63.00 in a research note released on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

Several other equities analysts have also recently weighed in on the stock. StockNews.com cut shares of Sonoco Products from a strong-buy rating to a buy rating in a research note on Wednesday, July 3rd. Raymond James assumed coverage on shares of Sonoco Products in a research report on Friday, July 19th. They issued an outperform rating and a $62.00 target price for the company. Finally, Wells Fargo & Company cut shares of Sonoco Products from an equal weight rating to an underweight rating and cut their price target for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat, Sonoco Products currently has an average rating of Moderate Buy and an average target price of $59.00.

Sonoco Products Price Performance

NYSE SON opened at $53.76 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 2.08 and a beta of 0.68. The business has a 50 day simple moving average of $53.17 and a 200 day simple moving average of $55.14. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period last year, the business posted $1.38 earnings per share. Analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend was Friday, August 9th. Sonoco Products’s dividend payout ratio is currently 52.53%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Rise Advisors LLC bought a new stake in Sonoco Products in the first quarter valued at approximately $26,000. FinTrust Capital Advisors LLC raised its stake in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 216 shares during the period. TFO Wealth Partners LLC lifted its holdings in Sonoco Products by 12,183.3% during the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 731 shares during the last quarter. Parallel Advisors LLC boosted its position in Sonoco Products by 154.6% during the fourth quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 535 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Sonoco Products in the first quarter valued at $50,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Company Profile

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.