Raymond James Lowers Sonoco Products (NYSE:SON) Price Target to $50.00

Sonoco Products (NYSE:SON) had its target price cut by investment analysts at Raymond James from $54.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Raymond James’ price objective indicates a potential upside of 10.32% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Truist Financial decreased their price target on shares of Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research note on Tuesday. They set a “buy” rating and a $62.00 target price for the company. Bank of America raised their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company dropped their price target on shares of 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 assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Sonoco Products Stock Up 0.7 %

Shares of Sonoco Products stock opened at $45.32 on Tuesday. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 27.47, a P/E/G ratio of 0.76 and a beta of 0.64. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. The company’s 50 day moving average price is $45.73 and its 200-day moving average price is $48.64.

Sonoco Products (NYSE:SON) last posted its earnings results 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 net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Equities research analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Insider Transactions at Sonoco Products

In related news, Director John R. Haley bought 3,000 shares of Sonoco Products 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 transaction, the director now owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Management Group Inc. raised its position in shares of Sonoco Products by 27.7% in the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock worth $28,547,000 after acquiring an additional 126,867 shares in the last quarter. Quilter Plc lifted its stake in Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after acquiring an additional 8,895 shares during the period. Synergy Asset Management LLC boosted its holdings in Sonoco Products by 9.0% in the fourth quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock valued at $3,610,000 after purchasing an additional 5,505 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Sonoco Products during the fourth quarter worth about $15,533,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Sonoco Products by 3.9% during the 4th quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock worth $25,817,000 after purchasing an additional 20,075 shares during the period. 77.69% of the stock is currently owned by 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.