Sonoco Products (NYSE:SON) Given New $55.00 Price Target at Citigroup

Sonoco Products (NYSE:SON) had its price objective trimmed by Citigroup from $59.00 to $55.00 in a report issued on Monday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

SON has been the topic of a number of other reports. Wells Fargo & Company lowered their price target 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. Robert W. Baird reduced their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Bank of America upped their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Finally, Truist Financial raised their price target on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Trading Down 1.5 %

Shares of NYSE:SON opened at $47.22 on Monday. Sonoco Products has a 12-month low of $47.18 and a 12-month high of $61.73. The business has a 50 day moving average of $50.56 and a 200-day moving average of $51.88. 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 $4.64 billion, a PE ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. The business 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 period in the previous year, the company posted $1.46 EPS. As a group, equities research analysts forecast that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date was Friday, November 8th. Sonoco Products’s dividend payout ratio is presently 71.48%.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products during the 3rd quarter valued at $27,000. Capital Performance Advisors LLP bought a new position in Sonoco Products in the third quarter valued at about $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products during the second quarter valued at about $50,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Sonoco Products in the third quarter valued at approximately $71,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after buying an additional 1,675 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

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.