Sonoco Products (NYSE:SON) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

Sonoco Products (NYSE:SON) had its price target trimmed by Wells Fargo & Company from $52.00 to $50.00 in a research note published on Monday,Benzinga reports. The firm currently has an underweight rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on SON. Citigroup lifted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial lifted their price target on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Robert W. Baird lowered their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Price Performance

Shares of SON opened at $47.22 on Monday. The firm has a market capitalization of $4.64 billion, a PE ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. The stock’s 50 day moving average is $50.56 and its two-hundred day moving average is $51.88. Sonoco Products has a twelve month low of $47.18 and a twelve month high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

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

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SON. Kennebec Savings Bank acquired a new position in Sonoco Products during the third quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Sonoco Products during the 3rd quarter worth $33,000. Abich Financial Wealth Management LLC purchased a new position in shares of Sonoco Products in the 2nd quarter worth $50,000. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products in the third quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. grew its position 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 valued at $95,000 after acquiring an additional 1,675 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.