Analysts Set Sonoco Products (NYSE:SON) Target Price at $63.00

Shares of Sonoco Products (NYSE:SON) have been given a consensus recommendation of “Hold” by the six ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $64.50.

Several brokerages have recently commented on SON. Wells Fargo & Company decreased their price objective on shares of Sonoco Products from $69.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, July 23rd. TheStreet cut Sonoco Products from a “b+” rating to a “c” rating in a research note on Thursday, July 22nd. Finally, Bank of America lowered Sonoco Products from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $64.00 to $63.00 in a research report on Thursday.

In related news, VP John M. Florence sold 493 shares of Sonoco Products stock in a transaction that occurred on Friday, August 27th. The stock was sold at an average price of $65.32, for a total value of $32,202.76. Following the sale, the vice president now directly owns 10,449 shares in the company, valued at $682,528.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Macquarie Group Ltd. increased its holdings in Sonoco Products by 19,876.3% in the second quarter. Macquarie Group Ltd. now owns 724,741 shares of the industrial products company’s stock valued at $48,486,000 after buying an additional 721,113 shares in the last quarter. State Street Corp increased its stake in Sonoco Products by 9.7% in the 2nd quarter. State Street Corp now owns 6,522,659 shares of the industrial products company’s stock valued at $436,366,000 after purchasing an additional 576,298 shares in the last quarter. Earnest Partners LLC raised its holdings in Sonoco Products by 54.1% during the first quarter. Earnest Partners LLC now owns 841,130 shares of the industrial products company’s stock worth $53,244,000 after purchasing an additional 295,150 shares during the last quarter. Vanguard Group Inc. raised its holdings in Sonoco Products by 2.3% during the second quarter. Vanguard Group Inc. now owns 10,494,328 shares of the industrial products company’s stock worth $702,071,000 after purchasing an additional 238,740 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Sonoco Products by 11.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,402,648 shares of the industrial products company’s stock worth $93,838,000 after purchasing an additional 144,583 shares in the last quarter. Institutional investors own 75.87% of the company’s stock.

NYSE:SON opened at $60.87 on Monday. Sonoco Products has a 52 week low of $48.20 and a 52 week high of $69.83. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $5.99 billion, a P/E ratio of -31.54, a P/E/G ratio of 3.53 and a beta of 0.83. The stock’s fifty day moving average is $62.81 and its two-hundred day moving average is $64.89.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 22nd. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.02). Sonoco Products had a positive return on equity of 18.41% and a negative net margin of 3.50%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business posted $0.79 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts anticipate that Sonoco Products will post 3.56 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Tuesday, August 10th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Monday, August 9th. Sonoco Products’s dividend payout ratio is presently 52.79%.

Sonoco Products Company Profile

Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging; Paper and Industrial Converted Products; Protective Solutions; and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers; fiber and plastic caulk and adhesive tubes; and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.

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Analyst Recommendations for Sonoco Products (NYSE:SON)

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