Sonoco Products (NYSE:SON) Price Target Lowered to $50.00 at Wells Fargo & Company

Sonoco Products (NYSE:SON) had its price objective trimmed by Wells Fargo & Company from $52.00 to $50.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the industrial products company’s stock.

A number of other research analysts have also issued reports on the stock. Truist Financial boosted their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Citigroup increased their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Performance

Shares of SON stock opened at $47.24 on Monday. Sonoco Products has a 52-week low of $46.46 and a 52-week high of $61.73. The stock’s 50-day moving average price is $50.36 and its 200 day moving average price is $51.79. 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 stock has a market capitalization of $4.64 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 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 quarter in the prior year, the business earned $1.46 earnings per share. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts forecast that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.40%. Sonoco Products’s payout ratio is 71.48%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV raised its holdings in shares of Sonoco Products by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after acquiring an additional 237 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in Sonoco Products by 13.9% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 289 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Sonoco Products by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 300 shares during the last quarter. Curi RMB Capital LLC grew its holdings in shares of Sonoco Products by 2.4% during the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after buying an additional 304 shares in the last quarter. Finally, Impact Partnership Wealth LLC lifted its stake in shares of Sonoco Products by 7.7% during the third quarter. Impact Partnership Wealth LLC now owns 4,506 shares of the industrial products company’s stock valued at $246,000 after buying an additional 323 shares during the period. 77.69% of the stock is currently 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.