UBS Group Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price target lowered by equities research analysts at UBS Group from $62.00 to $59.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. UBS Group’s price target would suggest a potential upside of 4.50% from the company’s current price.

Several other research firms have also recently issued reports on SON. Truist Financial reissued a “buy” rating and issued a $69.00 target price (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on Sonoco Products in a research note on Wednesday, April 1st. They issued a “buy” rating and a $63.00 target price on the stock. Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a research note on Friday, March 6th. Zacks Research upgraded shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Wall Street Zen upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.89.

Sonoco Products Stock Up 0.7%

Shares of NYSE:SON opened at $56.46 on Friday. The stock’s 50-day moving average price is $53.67 and its 200-day moving average price is $46.73. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $58.44. The stock has a market capitalization of $5.58 billion, a P/E ratio of 5.61, a price-to-earnings-growth ratio of 1.13 and a beta of 0.50. The company has a current ratio of 1.05, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm earned $1.17 earnings per share. The company’s revenue for the quarter was up 29.7% compared to the same quarter last year. On average, equities analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Buying and Selling at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction 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 trade represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.98% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently made changes to their positions in SON. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Sonoco Products by 44.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock worth $2,319,000 after purchasing an additional 15,079 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Sonoco Products by 80.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock valued at $9,755,000 after acquiring an additional 92,286 shares during the period. Empowered Funds LLC grew its position in shares of Sonoco Products by 14.1% during the 1st quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock valued at $522,000 after acquiring an additional 1,364 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Sonoco Products by 87.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after acquiring an additional 255,055 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Sonoco Products by 315.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 1,205 shares during the period. Institutional investors own 77.69% of the company’s stock.

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.