Truist Financial Issues Pessimistic Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its target price trimmed by Truist Financial from $60.00 to $54.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other research analysts have also weighed in on SON. Jefferies Financial Group began coverage on shares of Sonoco Products in a research report on Tuesday. They set a “buy” rating and a $62.00 target price for the company. Bank of America boosted their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. Finally, Citigroup lowered their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $45.01 on Tuesday. The stock has a market capitalization of $4.44 billion, a P/E ratio of 27.28, a P/E/G ratio of 0.76 and a beta of 0.64. The business has a 50-day moving average of $45.78 and a two-hundred day moving average of $48.66. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, equities research analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a $0.53 dividend. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.71%. Sonoco Products’s dividend payout ratio is currently 128.48%.

Insider Activity

In related news, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the transaction, the chief executive officer now directly owns 482,365 shares of the company’s stock, valued at $22,237,026.50. This represents a 4.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John R. Haley purchased 3,000 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the transaction, the director now directly owns 18,558 shares of the company’s stock, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

Several large investors have recently made changes to their positions in SON. UMB Bank n.a. grew its stake in Sonoco Products by 152.7% during the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock worth $45,000 after buying an additional 574 shares during the last quarter. Quarry LP grew its position in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 511 shares during the last quarter. Colonial Trust Co SC increased its holdings in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares in the last quarter. True Wealth Design LLC raised its position in Sonoco Products by 650.7% in the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 950 shares during the last quarter. Finally, Principal Securities Inc. boosted its stake in Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 351 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

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.