Jefferies Financial Group Begins Coverage on Sonoco Products (NYSE:SON)

Equities researchers at Jefferies Financial Group began coverage on shares of Sonoco Products (NYSE:SON) in a note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $62.00 price target on the industrial products company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 36.79% from the company’s current price.

Other analysts have also issued reports about the stock. Bank of America upped their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial reduced their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Citigroup dropped their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company reduced their price target on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $56.43.

Sonoco Products Price Performance

Shares of SON stock opened at $45.32 on Tuesday. The company’s 50-day simple moving average is $45.73 and its two-hundred day simple moving average is $48.64. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. Sonoco Products has a one year low of $39.46 and a one year high of $61.73. The company has a market capitalization of $4.47 billion, a P/E ratio of 27.47, a P/E/G ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. As a group, equities analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Insider Activity at Sonoco Products

In other news, Director John R. Haley acquired 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, with a total value of $140,280.00. Following the completion of the acquisition, the director now owns 18,558 shares of the company’s stock, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction dated Thursday, March 13th. The stock was purchased at an average price of $46.10 per share, with a total value of $922,000.00. Following the completion of the purchase, the chief executive officer now owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently bought and sold shares of the business. UMB Bank n.a. boosted its holdings in shares of Sonoco Products by 152.7% in the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 574 shares during the last quarter. Quarry LP boosted its holdings in Sonoco Products by 111.3% in the fourth 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 position in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 453 shares during the period. True Wealth Design LLC lifted its holdings in shares of Sonoco Products by 650.7% in the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after buying an additional 950 shares during the period. Finally, Principal Securities Inc. boosted its stake in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after buying an additional 351 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

About Sonoco Products

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.