Truist Financial Forecasts Strong Price Appreciation for Sonoco Products (NYSE:SON) Stock

Sonoco Products (NYSE:SON) had its price target upped by investment analysts at Truist Financial from $63.00 to $68.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective points to a potential upside of 43.40% from the stock’s current price.

Several other equities research analysts have also recently commented on SON. Citigroup lifted their price target on shares of 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 lowered 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $47.42 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The firm has a 50 day simple moving average of $50.46 and a 200 day simple moving average of $51.82. Sonoco Products has a fifty-two week low of $47.18 and a fifty-two week high of $61.73. The firm has a market cap of $4.66 billion, a P/E ratio of 16.30, a P/E/G ratio of 2.14 and a beta of 0.68.

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

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently made changes to their positions in SON. Kennebec Savings Bank acquired a new position in Sonoco Products during the third quarter worth $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products in the 3rd quarter valued at about $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products in the second quarter valued at about $50,000. Wilmington Savings Fund Society FSB bought a new stake in Sonoco Products during the third quarter worth about $71,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 1,675 shares in the last quarter. 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.