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

Sonoco Products (NYSE:SON) had its price objective boosted by Truist Financial from $53.00 to $54.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

SON has been the subject of several other research reports. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $60.00 in a report on Monday. Zacks Research cut Sonoco Products from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price (down previously from $52.00) on shares of Sonoco Products in a research report on Tuesday. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. Finally, Raymond James Financial set a $60.00 price target on Sonoco Products in a research note on Monday. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.57.

Sonoco Products Stock Performance

SON opened at $46.42 on Tuesday. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 7.37, a P/E/G ratio of 0.79 and a beta of 0.55. The business’s 50-day moving average price is $41.88 and its two-hundred day moving average price is $43.85. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $50.09. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Monday, November 10th. Sonoco Products’s payout ratio is 33.65%.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 2,506 shares of the business’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average cost of $39.87 per share, with a total value 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of Sonoco Products stock in a transaction dated Wednesday, October 29th. The shares were acquired at an average price of $39.50 per share, with a total value of $809,750.00. Following the completion of the purchase, the chief financial officer directly 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. 0.74% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sonoco Products

Several large investors have recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of Sonoco Products by 0.3% during the 2nd quarter. State Street Corp now owns 4,470,449 shares of the industrial products company’s stock worth $194,733,000 after buying an additional 13,161 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sonoco Products by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 3,721,421 shares of the industrial products company’s stock valued at $160,353,000 after purchasing an additional 105,798 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after purchasing an additional 1,164,849 shares during the period. Bank of America Corp DE grew its holdings in Sonoco Products by 6.1% in the 2nd quarter. Bank of America Corp DE now owns 2,804,621 shares of the industrial products company’s stock valued at $122,169,000 after buying an additional 162,262 shares in the last quarter. Finally, Earnest Partners LLC grew its holdings in Sonoco Products by 1.2% in the 3rd quarter. Earnest Partners LLC now owns 2,678,122 shares of the industrial products company’s stock valued at $115,400,000 after buying an additional 31,932 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.