Truist Financial Issues Pessimistic Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price target dropped by analysts at Truist Financial from $60.00 to $54.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective suggests a potential upside of 19.14% from the stock’s current price.

A number of other analysts have also recently weighed in on SON. Wells Fargo & Company decreased their price objective 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. Jefferies Financial Group assumed coverage on Sonoco Products in a report on Tuesday. They set a “buy” rating and a $62.00 price target for the company. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Bank of America raised their target price 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. Finally, Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.43.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $45.32 on Tuesday. The firm’s fifty day simple moving average is $45.73 and its 200-day simple moving average is $48.64. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 27.47, a PEG ratio of 0.76 and a beta of 0.64. 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 (NYSE:SON) last issued 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 business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. As a group, equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Activity at Sonoco Products

In other news, CEO R. Howard Coker bought 20,000 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $46.10 per share, with a total value of $922,000.00. Following the completion of the acquisition, the chief executive officer now owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Haley purchased 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $46.76 per share, with a total value of $140,280.00. Following the purchase, the director now directly owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % 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.

Hedge Funds Weigh In On Sonoco Products

Hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC purchased a new stake in shares of Sonoco Products in the first quarter valued at about $820,000. Bessemer Group Inc. raised its position in shares of Sonoco Products by 215.7% during the 1st quarter. Bessemer Group Inc. now owns 6,775 shares of the industrial products company’s stock worth $320,000 after purchasing an additional 4,629 shares during the last quarter. Spire Wealth Management lifted its stake in Sonoco Products by 11.3% in the 1st quarter. Spire Wealth Management now owns 4,005 shares of the industrial products company’s stock valued at $189,000 after buying an additional 406 shares in the last quarter. Steph & Co. grew its holdings in Sonoco Products by 70.0% during the 1st quarter. Steph & Co. now owns 9,154 shares of the industrial products company’s stock valued at $432,000 after buying an additional 3,770 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Sonoco Products by 9.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 29,647 shares of the industrial products company’s stock worth $1,401,000 after buying an additional 2,465 shares in the last quarter. 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.