Sonoco Products (NYSE:SON) Downgraded to Hold Rating by StockNews.com

Sonoco Products (NYSE:SON) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

SON has been the topic of a number of other research reports. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Citigroup decreased their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Bank of America lifted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Truist Financial increased 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, January 6th. Finally, Robert W. Baird lowered their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $60.17.

Sonoco Products Stock Down 0.4 %

SON stock traded down $0.20 during mid-day trading on Thursday, reaching $46.18. 1,068,971 shares of the company traded hands, compared to its average volume of 771,693. 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 cap of $4.54 billion, a price-to-earnings ratio of 27.99, a P/E/G ratio of 0.77 and a beta of 0.67. The firm’s 50 day moving average price is $48.22 and its 200 day moving average price is $51.04. Sonoco Products has a fifty-two week low of $44.35 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.46%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. As a group, equities research analysts predict that Sonoco Products will post 6.25 EPS for the current fiscal year.

Insider Buying and Selling at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now owns 16,065 shares in the company, valued at $770,316.75. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kennebec Savings Bank purchased a new position in Sonoco Products in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products during the third quarter valued at approximately $33,000. Quarry LP raised its holdings in shares of Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC lifted its position in Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares during the period. Finally, True Wealth Design LLC boosted its holdings in Sonoco Products by 650.7% in the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 950 shares during the last quarter. 77.69% of the stock is owned by 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.