Wells Fargo & Company Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective lowered by investment analysts at Wells Fargo & Company from $60.00 to $56.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.62% from the company’s previous close.

A number of other equities analysts have also commented on the company. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Robert W. Baird boosted their price objective on Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, February 18th. UBS Group increased their price objective on Sonoco Products from $48.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, February 19th. Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and raised their target price for the stock from $56.00 to $60.00 in a research note on Monday, January 5th. Finally, Truist Financial reiterated a “buy” rating and set a $69.00 price target (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $62.13.

Sonoco Products Price Performance

SON opened at $50.62 on Friday. The firm has a 50-day moving average price of $51.90 and a 200-day moving average price of $45.92. Sonoco Products has a twelve month low of $38.65 and a twelve month high of $58.44. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $5.01 billion, a price-to-earnings ratio of 5.03, a PEG ratio of 1.02 and a beta of 0.51.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the firm earned $1.17 EPS. Sonoco Products’s revenue for the quarter was up 29.7% on a year-over-year basis. Equities analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the sale, the insider owned 9,377 shares of the company’s stock, valued at $528,769.03. This represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.74% of the stock is owned by insiders.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds have recently made changes to their positions in the business. Powell Investment Advisors LLC boosted its position in Sonoco Products by 1.0% during the fourth quarter. Powell Investment Advisors LLC now owns 20,718 shares of the industrial products company’s stock valued at $904,000 after buying an additional 203 shares during the period. IFP Advisors Inc increased its holdings in shares of Sonoco Products by 8.6% in the fourth quarter. IFP Advisors Inc now owns 2,996 shares of the industrial products company’s stock worth $131,000 after buying an additional 237 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 258 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Sonoco Products by 5.2% in the 4th quarter. Hsbc Holdings PLC now owns 6,073 shares of the industrial products company’s stock valued at $265,000 after acquiring an additional 299 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Sonoco Products by 5.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock valued at $259,000 after acquiring an additional 304 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Company Profile

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.