Sonoco Products (NYSE:SON) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Sonoco Products (NYSE:SON) from a sell rating to a hold rating in a report published on Wednesday.

A number of other research firms have also commented on SON. 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. Truist Financial lowered their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Bank of America raised their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company lowered their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research note on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $58.50.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $46.19 on Wednesday. The firm’s 50 day moving average is $47.64 and its two-hundred day moving average is $50.87. Sonoco Products has a 52 week low of $44.35 and a 52 week high of $61.73. The firm has a market capitalization of $4.54 billion, a P/E ratio of 27.99, a PEG ratio of 0.76 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

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

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products’s dividend payout ratio is 126.06%.

Insider Buying and Selling

In related news, Director John R. Haley bought 3,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $46.76 per share, with a total value of $140,280.00. Following the purchase, the director now directly owns 18,558 shares of the company’s stock, valued at approximately $867,772.08. This represents a 19.28 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now directly owns 16,065 shares of the company’s stock, valued at $770,316.75. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Sonoco Products

Institutional investors have recently modified their holdings of the stock. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products during the 3rd quarter valued at $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Sonoco Products during the 3rd quarter valued at $33,000. Colonial Trust Co SC raised its holdings in shares of 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. Quarry LP raised its holdings in shares of Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in shares of Sonoco Products by 650.7% during 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 in the last quarter. Institutional investors and hedge funds 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.