Sonoco Products (NYSE:SON) Price Target Raised to $63.00 at Citigroup

Sonoco Products (NYSE:SON) had its price target upped by analysts at Citigroup from $62.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price indicates a potential upside of 17.49% from the stock’s current price.

Several other analysts have also commented on the stock. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Finally, Raymond James began coverage on shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 target price for the company. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Trading Down 1.3 %

NYSE:SON traded down $0.70 during midday trading on Wednesday, hitting $53.62. The stock had a trading volume of 368,630 shares, compared to its average volume of 615,700. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 2.10 and a beta of 0.68. The stock has a 50-day moving average of $53.07 and a 200 day moving average of $55.18. Sonoco Products has a one year low of $48.22 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the business posted $1.38 EPS. The company’s revenue was down 4.8% on a year-over-year basis. As a group, sell-side analysts forecast that Sonoco Products will post 5.09 EPS for the current year.

Institutional Trading of Sonoco Products

Several institutional investors have recently made changes to their positions in SON. Pacer Advisors Inc. raised its stake in shares of Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Sei Investments Co. lifted its position in shares of Sonoco Products by 30.8% in the 4th quarter. Sei Investments Co. now owns 1,275,530 shares of the industrial products company’s stock valued at $71,264,000 after acquiring an additional 300,697 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after acquiring an additional 261,062 shares in the last quarter. AQR Capital Management LLC lifted its position in Sonoco Products by 80.8% in the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after buying an additional 248,236 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new stake in Sonoco Products in the 1st quarter worth approximately $8,507,000. 77.69% of the stock is owned by hedge funds and other 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.