Sonoco Products (NYSE:SON) Coverage Initiated by Analysts at Truist Financial

Investment analysts at Truist Financial started coverage on shares of Sonoco Products (NYSE:SON) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $63.00 price target on the industrial products company’s stock. Truist Financial’s price target suggests a potential upside of 21.32% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Citigroup increased their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Price Performance

SON stock opened at $51.93 on Tuesday. The business has a 50 day moving average price of $52.65 and a 200 day moving average price of $53.84. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.09 and a beta of 0.69. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. Equities research analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Sonoco Products by 36.0% in the third quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock worth $1,417,000 after acquiring an additional 6,869 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Sonoco Products in the third quarter worth $71,000. Sanctuary Advisors LLC raised its position in Sonoco Products by 23.6% in the third quarter. Sanctuary Advisors LLC now owns 17,482 shares of the industrial products company’s stock worth $890,000 after acquiring an additional 3,341 shares in the last quarter. TD Private Client Wealth LLC raised its position in Sonoco Products by 33.4% in the third quarter. TD Private Client Wealth LLC now owns 3,213 shares of the industrial products company’s stock worth $176,000 after acquiring an additional 804 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after acquiring an additional 42,701 shares in 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.