Sonoco Products (NYSE:SON) Receives $58.50 Average Price Target from Analysts

Sonoco Products (NYSE:SON) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $58.50.

SON has been the topic of several research reports. Wells Fargo & Company decreased their target price on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, February 24th. Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Truist Financial decreased their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Bank of America increased their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th.

Insiders Place Their Bets

In related news, CEO R. Howard Coker bought 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now directly owns 482,365 shares of the company’s stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Haley purchased 3,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, February 27th. The stock was bought at an average cost of $46.76 per share, with a total value of $140,280.00. Following the completion of the transaction, the director now owns 18,558 shares of the company’s stock, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

Hedge funds have recently made changes to their positions in the company. Colonial Trust Co SC grew its stake in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after buying an additional 453 shares during the last quarter. Quarry LP grew its position in shares of Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 511 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Sonoco Products by 650.7% in the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 950 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Sonoco Products in the 3rd quarter valued at $71,000. Finally, Principal Securities Inc. boosted its stake in Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $41.75 on Thursday. The business’s fifty day simple moving average is $46.98 and its 200-day simple moving average is $49.59. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm has a market cap of $4.12 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. Sonoco Products has a 52 week low of $40.62 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.98%. The ex-dividend date was Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is presently 126.06%.

Sonoco Products Company Profile

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.