Sonoco Products (NYSE:SON) Research Coverage Started at Truist Financial

Truist Financial started coverage on shares of Sonoco Products (NYSE:SON) in a research report report published on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $63.00 target price on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. Robert W. Baird reduced their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Citigroup upped their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Down 0.6 %

Shares of NYSE:SON opened at $51.31 on Tuesday. The company has a 50-day moving average price of $52.49 and a 200 day moving average price of $53.77. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 2.14 and a beta of 0.69.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the company earned $1.46 EPS. As a group, equities research analysts predict that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.05%. Sonoco Products’s payout ratio is currently 71.48%.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds have recently made changes to their positions in SON. Earnest Partners LLC increased its stake in shares of Sonoco Products by 2.5% during the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock valued at $134,192,000 after buying an additional 64,915 shares during the period. Dimensional Fund Advisors LP grew its holdings in Sonoco Products by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after acquiring an additional 261,062 shares in the last quarter. Victory Capital Management Inc. increased its position in Sonoco Products by 2.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after purchasing an additional 50,577 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after purchasing an additional 42,701 shares during the period. 77.69% of the stock is currently 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.