Analysts Set Sonoco Products (NYSE:SON) Price Target at $59.00

Shares of Sonoco Products (NYSE:SON) have been given a consensus rating of “Hold” by the five analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $59.00.

A number of equities analysts recently commented on the stock. 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 note on Wednesday, October 2nd. Truist Financial assumed coverage on Sonoco Products in a research note on Tuesday, November 26th. They set a “buy” rating and a $63.00 target price on the stock. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st.

Sonoco Products Trading Up 1.1 %

Shares of SON opened at $51.88 on Friday. The stock has a market capitalization of $5.10 billion, a PE ratio of 17.83, a P/E/G ratio of 2.14 and a beta of 0.69. The company’s fifty day moving average is $52.37 and its 200 day moving average is $53.65. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last posted 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 firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. Sell-side analysts expect that Sonoco Products will post 5.09 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 Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.01%. Sonoco Products’s payout ratio is currently 71.48%.

Institutional Trading of Sonoco Products

Hedge funds have recently bought and sold shares of the stock. Earnest Partners LLC raised its stake in shares of Sonoco Products by 2.5% during the 2nd quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after acquiring an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after buying an additional 261,062 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Sonoco Products by 2.4% in the second quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock worth $111,338,000 after acquiring an additional 50,577 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Sonoco Products by 13,464.6% during the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after acquiring an additional 1,965,698 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Sonoco Products by 2.3% during the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after acquiring an additional 42,701 shares in the last quarter. Hedge funds and other 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.