Truist Financial Initiates Coverage on Sonoco Products (NYSE:SON)

Truist Financial began coverage on shares of Sonoco Products (NYSE:SON) in a research note released on Tuesday, MarketBeat reports. The firm issued a buy rating and a $63.00 price objective on the industrial products company’s stock.

A number of other research analysts also recently issued reports on the stock. Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Citigroup lifted their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. One investment 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. According to MarketBeat.com, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $51.92 on Tuesday. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a market cap of $5.10 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.11 and a beta of 0.69. The company has a 50 day moving average of $52.42 and a 200 day moving average of $53.75.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 EPS. As a group, sell-side analysts forecast that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Friday, November 8th. Sonoco Products’s payout ratio is 71.48%.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SON. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products during the third quarter valued at $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products during the third quarter valued at about $33,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products during the 2nd quarter worth approximately $50,000. Gradient Investments LLC acquired a new position in Sonoco Products during the 2nd quarter valued at about $58,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Sonoco Products during the 3rd quarter worth approximately $71,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

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.