Sonoco Products (NYSE:SON) Stock Price Expected to Rise, Raymond James Financial Analyst Says

Sonoco Products (NYSE:SON) had its target price lifted by investment analysts at Raymond James Financial from $50.00 to $55.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Raymond James Financial’s price target points to a potential upside of 20.43% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 price target on the stock. Truist Financial reduced their price target on shares of Sonoco Products from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Friday, July 11th. Wall Street Zen raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. UBS Group started coverage on shares of Sonoco Products in a research report on Wednesday, June 4th. They set a “neutral” rating and a $48.00 price target on the stock. Finally, Wells Fargo & Company raised shares of Sonoco Products from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.75.

Sonoco Products Trading Up 0.8%

Shares of SON stock opened at $45.67 on Tuesday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The firm has a market cap of $4.50 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 0.59 and a beta of 0.68. The company has a 50-day moving average of $45.29 and a two-hundred day moving average of $46.02. Sonoco Products has a 1-year low of $39.46 and a 1-year high of $56.77.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The company’s quarterly revenue was up 30.6% compared to the same quarter last year. During the same period last year, the business earned $1.12 EPS. On average, analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Insider Activity at Sonoco Products

In other news, Director John R. Haley bought 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The shares were purchased at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the acquisition, the director directly owned 20,804 shares in the company, valued at $927,234.28. The trade was a 12.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of the business’s stock in a transaction on Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, the director owned 29,540 shares of the company’s stock, valued at $1,191,643.60. This represents a 22.75% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 27,721 shares of company stock valued at $1,144,366 over the last 90 days. 0.74% of the stock is owned by corporate insiders.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. acquired a new stake in Sonoco Products during the second quarter worth approximately $26,000. Steph & Co. grew its position in shares of Sonoco Products by 25.0% during the second quarter. Steph & Co. now owns 11,443 shares of the industrial products company’s stock worth $498,000 after acquiring an additional 2,289 shares during the last quarter. Kempner Capital Management Inc. purchased a new position in shares of Sonoco Products during the second quarter worth approximately $1,919,000. Armstrong Advisory Group Inc. grew its position in shares of Sonoco Products by 1,458.6% during the second quarter. Armstrong Advisory Group Inc. now owns 2,260 shares of the industrial products company’s stock worth $98,000 after acquiring an additional 2,115 shares during the last quarter. Finally, Park Avenue Securities LLC purchased a new position in shares of Sonoco Products during the second quarter worth approximately $606,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

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.