Sonoco Products (NYSE:SON) Price Target Lowered to $55.00 at Robert W. Baird

Sonoco Products (NYSE:SON) had its price objective reduced by Robert W. Baird from $58.00 to $55.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other equities research analysts have also recently issued reports on SON. Citigroup raised their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Raymond James began coverage on Sonoco Products in a report on Friday, July 19th. They set an “outperform” rating and a $62.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.00.

Sonoco Products Stock Down 0.0 %

SON stock traded down $0.01 during mid-day trading on Monday, reaching $50.55. The company had a trading volume of 25,325 shares, compared to its average volume of 614,066. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 2.11 and a beta of 0.69. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. The stock has a 50 day simple moving average of $54.03 and a two-hundred day simple moving average of $54.55. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the business earned $1.46 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. As a group, equities analysts predict that Sonoco Products will post 5.08 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.11%. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Institutional Trading of Sonoco Products

Several institutional investors have recently added to or reduced their stakes in SON. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonoco Products during the first quarter worth $50,000. BNP Paribas Financial Markets boosted its holdings in Sonoco Products by 6.6% in the 1st quarter. BNP Paribas Financial Markets now owns 83,067 shares of the industrial products company’s stock valued at $4,805,000 after purchasing an additional 5,123 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Sonoco Products by 26.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,152 shares of the industrial products company’s stock worth $992,000 after purchasing an additional 3,559 shares in the last quarter. Capstone Investment Advisors LLC increased its holdings in shares of Sonoco Products by 11.8% during the first quarter. Capstone Investment Advisors LLC now owns 11,167 shares of the industrial products company’s stock worth $646,000 after purchasing an additional 1,176 shares during the period. Finally, GSA Capital Partners LLP raised its position in shares of Sonoco Products by 15.1% in the first quarter. GSA Capital Partners LLP now owns 12,905 shares of the industrial products company’s stock valued at $746,000 after buying an additional 1,692 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

About Sonoco Products

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.