Sonoco Products (NYSE:SON) Price Target Cut to $60.00 by Analysts at Truist Financial

Sonoco Products (NYSE:SON) had its price target reduced by Truist Financial from $68.00 to $60.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other research analysts also recently issued reports on the company. Wells Fargo & Company lowered their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.83.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $46.88 on Friday. The company’s 50 day moving average price is $48.12 and its two-hundred day moving average price is $51.02. The firm has a market capitalization of $4.61 billion, a P/E ratio of 28.41, a P/E/G ratio of 0.76 and a beta of 0.67. Sonoco Products has a fifty-two week low of $44.35 and a fifty-two week high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last announced 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). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. On average, equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio is currently 126.06%.

Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its stake in Sonoco Products by 5.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 37,602 shares of the industrial products company’s stock valued at $1,837,000 after buying an additional 2,037 shares during the period. PharVision Advisers LLC bought a new stake in shares of Sonoco Products in the 4th quarter valued at $201,000. Voloridge Investment Management LLC increased its stake in shares of Sonoco Products by 106.5% in the 4th quarter. Voloridge Investment Management LLC now owns 186,510 shares of the industrial products company’s stock valued at $9,111,000 after acquiring an additional 96,190 shares in the last quarter. Vident Advisory LLC lifted its position in shares of Sonoco Products by 88.0% during the 4th quarter. Vident Advisory LLC now owns 7,270 shares of the industrial products company’s stock valued at $355,000 after acquiring an additional 3,402 shares during the period. Finally, Tidal Investments LLC boosted its stake in Sonoco Products by 35.8% during the fourth quarter. Tidal Investments LLC now owns 35,228 shares of the industrial products company’s stock worth $1,721,000 after acquiring an additional 9,287 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

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.