Sonoco Products (NYSE:SON) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Thursday, Briefing.com reports. They currently have a $69.00 target price on the industrial products company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.86% from the stock’s current price.
Several other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Sonoco Products from $52.00 to $61.00 and gave the company a “hold” rating in a research note on Wednesday, January 20th. BMO Capital Markets downgraded shares of Sonoco Products from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $68.00 to $65.00 in a research report on Tuesday, January 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Sonoco Products has a consensus rating of “Hold” and an average target price of $59.20.
Shares of SON stock opened at $63.97 on Thursday. The firm’s 50 day moving average price is $62.27 and its two-hundred day moving average price is $58.27. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.23 and a current ratio of 1.52. Sonoco Products has a 52-week low of $42.41 and a 52-week high of $65.37. The stock has a market cap of $6.44 billion, a PE ratio of 24.60, a PEG ratio of 3.48 and a beta of 0.83.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Wednesday, February 10th. The industrial products company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. Sonoco Products had a net margin of 5.11% and a return on equity of 18.67%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the company posted $0.75 EPS. As a group, sell-side analysts predict that Sonoco Products will post 3.36 earnings per share for the current fiscal year.
In other Sonoco Products news, VP James A. Harrell III sold 580 shares of the business’s stock in a transaction dated Wednesday, March 10th. The shares were sold at an average price of $62.63, for a total value of $36,325.40. Following the completion of the sale, the vice president now owns 22,828 shares of the company’s stock, valued at approximately $1,429,717.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Sonoco Products in the fourth quarter worth $58,696,000. Morgan Stanley lifted its position in shares of Sonoco Products by 286.9% during the 3rd quarter. Morgan Stanley now owns 555,633 shares of the industrial products company’s stock worth $28,377,000 after buying an additional 412,010 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Sonoco Products by 23.6% in the fourth quarter. Victory Capital Management Inc. now owns 1,670,968 shares of the industrial products company’s stock valued at $99,004,000 after buying an additional 319,340 shares in the last quarter. Bank of New York Mellon Corp grew its position in Sonoco Products by 10.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,360,919 shares of the industrial products company’s stock valued at $80,634,000 after acquiring an additional 133,196 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Sonoco Products by 9.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,513,479 shares of the industrial products company’s stock worth $89,674,000 after acquiring an additional 132,702 shares in the last quarter. Hedge funds and other institutional investors own 74.02% of the company’s stock.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment provides paper and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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