Sonoco Products Company (NYSE:SON) Given Average Rating of “Hold” by Brokerages

Shares of Sonoco Products Company (NYSE:SON) have received an average rating of “Hold” from the nine research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $54.4286.

Several brokerages recently commented on SON. Citigroup decreased their price objective on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, September 29th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a research note on Friday, October 17th. Jefferies Financial Group decreased their price target on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 24th. Wells Fargo & Company boosted their price objective on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the transaction, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This represents a 12.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Paul Joachimczyk purchased 20,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was acquired at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the acquisition, the chief financial officer owned 20,500 shares in the company, valued at $809,750. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. raised its position in Sonoco Products by 11.0% during the first quarter. Raymond James Financial Inc. now owns 136,553 shares of the industrial products company’s stock worth $6,451,000 after acquiring an additional 13,479 shares during the period. Millennium Management LLC raised its position in shares of Sonoco Products by 739.7% during the 1st quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after purchasing an additional 1,015,250 shares during the last quarter. Nordea Investment Management AB lifted its stake in Sonoco Products by 70.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock valued at $122,914,000 after buying an additional 1,164,849 shares in the last quarter. AGF Management Ltd. boosted its holdings in Sonoco Products by 12.9% in the 2nd quarter. AGF Management Ltd. now owns 65,248 shares of the industrial products company’s stock worth $2,842,000 after buying an additional 7,440 shares during the last quarter. Finally, Creative Planning increased its stake in Sonoco Products by 72.0% during the 2nd quarter. Creative Planning now owns 24,636 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 10,312 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Performance

Shares of SON opened at $40.93 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm has a market cap of $4.04 billion, a PE ratio of 6.50, a P/E/G ratio of 0.76 and a beta of 0.55. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $52.77. The stock has a fifty day moving average price of $40.94 and a 200-day moving average price of $44.10.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The company had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Monday, November 10th. Sonoco Products’s dividend payout ratio (DPR) is presently 33.65%.

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.