Sonoco Products (NYSE:SON) Price Target Raised to $68.00

Sonoco Products (NYSE:SON) had its price objective increased by Truist Financial from $63.00 to $68.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other equities research analysts have also weighed in on SON. Citigroup upped their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Robert W. Baird dropped their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Stock Performance

Shares of SON opened at $47.24 on Monday. Sonoco Products has a one year low of $46.46 and a one year high of $61.73. The company has a market cap of $4.64 billion, a PE ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. The stock has a 50-day moving average of $50.36 and a 200-day moving average of $51.79. 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 announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the firm posted $1.46 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, equities research analysts predict that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Friday, November 8th. Sonoco Products’s payout ratio is 71.48%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Sonoco Products by 2.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after buying an additional 237 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Sonoco Products by 13.9% in the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 289 shares during the last quarter. TD Asset Management Inc grew its position in shares of Sonoco Products by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 300 shares during the period. Curi RMB Capital LLC increased its stake in shares of Sonoco Products by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after purchasing an additional 304 shares during the last quarter. Finally, Impact Partnership Wealth LLC raised its holdings in shares of Sonoco Products by 7.7% in the 3rd quarter. Impact Partnership Wealth LLC now owns 4,506 shares of the industrial products company’s stock worth $246,000 after purchasing an additional 323 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

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.