Sonoco Products (NYSE:SON) Price Target Raised to $68.00

Sonoco Products (NYSE:SON) had its price objective hoisted by Truist Financial from $63.00 to $68.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other equities analysts have also issued reports about the company. Robert W. Baird decreased their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup upped their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Sonoco Products Trading Down 0.4 %

Shares of SON opened at $47.24 on Monday. The business’s 50-day moving average price is $50.36 and its 200-day moving average price is $51.79. The stock has a market cap of $4.64 billion, a PE ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. Sonoco Products has a twelve month low of $46.46 and a twelve month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. On average, equities analysts forecast that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.40%. The ex-dividend date was Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after purchasing an additional 248,236 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Sonoco Products during the second quarter valued at about $2,419,000. Versor Investments LP purchased a new position in shares of Sonoco Products in the third quarter worth about $970,000. Jane Street Group LLC lifted its stake in shares of Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock valued at $10,126,000 after acquiring an additional 140,370 shares during the last quarter. Finally, Speece Thorson Capital Group Inc. boosted its holdings in Sonoco Products by 18.6% during the 3rd quarter. Speece Thorson Capital Group Inc. now owns 305,971 shares of the industrial products company’s stock valued at $16,715,000 after acquiring an additional 47,928 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, 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.