Truist Financial Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective lowered by investment analysts at Truist Financial from $69.00 to $68.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would indicate a potential upside of 22.90% from the stock’s current price.

A number of other research firms have also recently weighed in on SON. UBS Group cut their price target on Sonoco Products from $62.00 to $59.00 and set a “neutral” rating for the company in a report on Friday, April 10th. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, January 21st. Wells Fargo & Company cut their price target on Sonoco Products from $60.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, March 20th. Finally, Citigroup boosted their price target on Sonoco Products from $52.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Sonoco Products has a consensus rating of “Hold” and a consensus price target of $61.78.

Sonoco Products Stock Performance

Shares of SON stock opened at $55.33 on Wednesday. The stock has a fifty day moving average price of $54.08 and a 200 day moving average price of $47.01. The stock has a market cap of $5.47 billion, a PE ratio of 5.49, a P/E/G ratio of 1.10 and a beta of 0.50. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $58.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, topping 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 company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The business’s revenue for the quarter was up 29.7% compared to the same quarter last year. Sell-side analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity at Sonoco Products

In other news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction 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. The trade was a 14.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.98% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Savant Capital LLC lifted its stake in shares of Sonoco Products by 415.0% in the 3rd quarter. Savant Capital LLC now owns 37,875 shares of the industrial products company’s stock valued at $1,632,000 after purchasing an additional 30,520 shares in the last quarter. Allen Wealth Management LLC acquired a new position in shares of Sonoco Products in the 3rd quarter valued at about $1,489,000. AlphaQuest LLC lifted its stake in shares of Sonoco Products by 1,237.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock valued at $1,038,000 after purchasing an additional 22,278 shares in the last quarter. Voya Investment Management LLC lifted its stake in shares of Sonoco Products by 329.3% in the 3rd quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after purchasing an additional 38,653 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Sonoco Products by 46.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 81,728 shares of the industrial products company’s stock valued at $3,522,000 after purchasing an additional 25,836 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

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.