Sonoco Products (NYSE:SON) Price Target Raised to $71.00

Sonoco Products (NYSE:SON) had its target price increased by Bank of America from $66.00 to $71.00 in a report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the company. Wells Fargo & Company lowered their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research note on Monday. Citigroup upped their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Robert W. Baird cut 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. Finally, Truist Financial raised their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

Sonoco Products Price Performance

Shares of NYSE SON 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 company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The firm has a market cap of $4.64 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. The business’s 50 day moving average price is $50.36 and its 200 day moving average price is $51.79.

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

Sonoco Products Dividend Announcement

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

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors and hedge funds have recently bought and sold shares of the business. TD Asset Management Inc increased its holdings 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 buying an additional 300 shares during the last quarter. Arizona State Retirement System raised its position in Sonoco Products by 2.2% in the second quarter. Arizona State Retirement System now owns 27,506 shares of the industrial products company’s stock valued at $1,395,000 after purchasing an additional 586 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Sonoco Products in the second quarter valued at $200,000. Chesapeake Capital Corp IL acquired a new position in shares of Sonoco Products in the 2nd quarter valued at $325,000. Finally, Headlands Technologies LLC grew its holdings in shares of Sonoco Products by 2,086.0% during the 2nd quarter. Headlands Technologies LLC now owns 5,924 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 5,653 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.