Sonoco Products (NYSE:SON) Reaches New 1-Year Low – What’s Next?

Sonoco Products (NYSE:SON)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $48.17 and last traded at $48.27, with a volume of 144539 shares. The stock had previously closed at $48.85.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of recent research reports. Truist Financial started coverage on shares of Sonoco Products in a report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 price objective on the stock. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Robert W. Baird dropped their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Sonoco Products has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Stock Down 1.7 %

The company has a market cap of $4.72 billion, a P/E ratio of 16.50, a P/E/G ratio of 2.14 and a beta of 0.67. The company’s 50-day moving average is $50.89 and its two-hundred day moving average is $52.11. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91.

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

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.33%. Sonoco Products’s dividend payout ratio (DPR) is 71.48%.

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors and hedge funds have recently modified their holdings of SON. AQR Capital Management LLC increased its holdings in Sonoco Products by 80.8% during the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after buying an additional 248,236 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Sonoco Products during the 2nd quarter valued at $2,419,000. Versor Investments LP purchased a new stake in shares of Sonoco Products in the 3rd quarter worth $970,000. Jane Street Group LLC lifted its position in Sonoco Products by 312.1% during the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock valued at $10,126,000 after purchasing an additional 140,370 shares in the last quarter. Finally, Oak Thistle LLC grew its holdings in Sonoco Products by 368.2% during the second quarter. Oak Thistle LLC now owns 20,321 shares of the industrial products company’s stock valued at $1,031,000 after purchasing an additional 15,981 shares during the period. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

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.