Sonoco Products (NYSE:SON) Given New $60.00 Price Target at Truist Financial

Sonoco Products (NYSE:SON) had its price target reduced by investment analysts at Truist Financial from $68.00 to $60.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective suggests a potential upside of 27.89% from the stock’s previous close.

SON has been the subject of a number of other research reports. Wells Fargo & Company dropped their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Citigroup lowered their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Robert W. Baird lowered their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. StockNews.com downgraded Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Bank of America increased their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and an average price target of $58.83.

Sonoco Products Price Performance

SON traded up $0.68 during trading on Friday, hitting $46.92. The company’s stock had a trading volume of 265,317 shares, compared to its average volume of 756,150. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. Sonoco Products has a 12 month low of $44.35 and a 12 month high of $61.73. 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’s 50 day moving average price is $48.22 and its two-hundred day moving average price is $51.04.

Sonoco Products (NYSE:SON) last released its quarterly earnings data 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 the consensus estimate of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Sell-side analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the transaction, the director now directly owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Kennebec Savings Bank acquired a new position in Sonoco Products during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new position in Sonoco Products during the third quarter valued at approximately $33,000. Colonial Trust Co SC lifted its position in shares of Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after buying an additional 453 shares during the last quarter. Quarry LP lifted its position in shares of Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after buying an additional 511 shares during the last quarter. Finally, True Wealth Design LLC lifted its position in shares of Sonoco Products by 650.7% in the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after buying an additional 950 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

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.