Truist Financial Reaffirms “Buy” Rating for Sonoco Products (NYSE:SON)

Sonoco Products (NYSE:SON)‘s stock had its “buy” rating reaffirmed by Truist Financial in a report issued on Friday,Benzinga reports. They presently have a $69.00 target price on the industrial products company’s stock, up from their prior target price of $54.00. Truist Financial’s price objective suggests a potential upside of 22.17% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Zacks Research upgraded Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Jefferies Financial Group reduced their price objective on Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Finally, Wells Fargo & Company raised their price target on shares of Sonoco Products from $47.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $62.63.

Sonoco Products Stock Performance

Shares of SON stock opened at $56.48 on Friday. The company has a current ratio of 1.05, a quick ratio of 0.58 and a debt-to-equity ratio of 1.04. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $58.44. The business’s 50 day moving average is $47.88 and its two-hundred day moving average is $44.81. The company has a market capitalization of $5.57 billion, a P/E ratio of 5.61, a P/E/G ratio of 1.13 and a beta of 0.54.

Sonoco Products (NYSE:SON) last announced its earnings results on Monday, February 16th. The industrial products company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the company posted $1.17 EPS. The business’s quarterly revenue was up 29.7% on a year-over-year basis. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Analysts expect that Sonoco Products will post 6.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently bought and sold shares of the company. Savant Capital LLC raised its position in Sonoco Products by 415.0% in the third 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 during the period. Allen Wealth Management LLC purchased a new position in shares of Sonoco Products during the 3rd quarter worth $1,489,000. AlphaQuest LLC increased its position in shares of Sonoco Products by 1,237.0% during the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock worth $1,038,000 after purchasing an additional 22,278 shares during the last quarter. Voya Investment Management LLC raised its holdings in 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 buying an additional 38,653 shares during the period. Finally, Pacer Advisors Inc. acquired a new position in Sonoco Products in the third quarter valued at about $560,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.