Sonoco Products (NYSE:SON) Sets New 1-Year Low After Analyst Downgrade

Sonoco Products Company (NYSE:SON) shares hit a new 52-week low on Monday after Truist Financial lowered their price target on the stock from $58.00 to $57.00. Truist Financial currently has a buy rating on the stock. Sonoco Products traded as low as $39.38 and last traded at $39.45, with a volume of 757301 shares changing hands. The stock had previously closed at $39.61.

SON has been the topic of a number of other research reports. UBS Group cut their price target on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Bank of America reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Sonoco Products in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Citigroup cut their price target on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, September 29th. Finally, Raymond James Financial boosted their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Sonoco Products has an average rating of “Moderate Buy” and a consensus price target of $55.13.

Institutional Trading of Sonoco Products

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. bought a new stake in Sonoco Products during the second quarter worth $26,000. TD Waterhouse Canada Inc. bought a new stake in Sonoco Products during the second quarter worth $30,000. Whittier Trust Co. of Nevada Inc. raised its position in Sonoco Products by 508.1% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 752 shares in the last quarter. Allworth Financial LP raised its position in Sonoco Products by 152.0% during the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 646 shares in the last quarter. Finally, SouthState Corp raised its position in Sonoco Products by 439.1% during the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 1,010 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

Sonoco Products Price Performance

The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The company’s 50-day simple moving average is $45.29 and its 200-day simple moving average is $45.20. The stock has a market capitalization of $3.90 billion, a P/E ratio of 7.08, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The firm had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, sell-side analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Friday, August 8th. Sonoco Products’s payout ratio is currently 37.99%.

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.