Sonoco Products (NYSE:SON) Price Target Lowered to $55.00 at Citigroup

Sonoco Products (NYSE:SON) had its price objective dropped by stock analysts at Citigroup from $59.00 to $55.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective points to a potential upside of 16.48% from the stock’s previous close.

Several other brokerages have also recently issued reports on SON. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Wells Fargo & Company reduced their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday. Truist Financial raised their price target on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Bank of America raised their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Stock Down 1.5 %

Sonoco Products stock traded down $0.73 during trading on Monday, reaching $47.22. The stock had a trading volume of 1,153,324 shares, compared to its average volume of 729,962. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The business has a 50 day moving average price of $50.68 and a 200 day moving average price of $51.95. The stock has a market cap of $4.64 billion, a PE ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. Sonoco Products has a 52-week low of $47.18 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the firm posted $1.46 EPS. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts predict that Sonoco Products will post 5.09 EPS for the current year.

Hedge Funds Weigh In On Sonoco Products

Large investors have recently modified their holdings of the business. Kennebec Savings Bank acquired a new position in shares of Sonoco Products during the 3rd quarter worth $27,000. Capital Performance Advisors LLP purchased a new stake in Sonoco Products during the third quarter worth $33,000. Abich Financial Wealth Management LLC acquired a new stake in Sonoco Products in the second quarter valued at $50,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products in the third quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after buying an additional 1,675 shares during the last quarter. 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.