Sonoco Products (NYSE:SON) Price Target Lowered to $48.00 at Wells Fargo & Company

Sonoco Products (NYSE:SON) had its price objective cut by Wells Fargo & Company from $50.00 to $48.00 in a report issued on Monday morning,Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

A number of other research analysts also recently issued reports on the company. StockNews.com downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Bank of America raised their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Truist Financial lowered their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $58.50.

Sonoco Products Stock Performance

SON opened at $46.63 on Monday. Sonoco Products has a 12-month low of $44.35 and a 12-month high of $61.73. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 28.26, a PEG ratio of 0.76 and a beta of 0.67. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The company’s 50 day moving average is $48.03 and its 200 day moving average is $51.02.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. On average, equities research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.46%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products’s payout ratio is currently 126.06%.

Insider Activity

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now directly owns 16,065 shares of the company’s stock, valued at $770,316.75. This represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds have recently bought and sold shares of SON. Public Employees Retirement System of Ohio increased its holdings in shares of Sonoco Products by 5.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 37,602 shares of the industrial products company’s stock worth $1,837,000 after buying an additional 2,037 shares during the last quarter. PharVision Advisers LLC purchased a new position in Sonoco Products in the fourth quarter worth about $201,000. Voloridge Investment Management LLC increased its stake in Sonoco Products by 106.5% during the fourth quarter. Voloridge Investment Management LLC now owns 186,510 shares of the industrial products company’s stock worth $9,111,000 after acquiring an additional 96,190 shares during the last quarter. Vident Advisory LLC raised its position in Sonoco Products by 88.0% during the fourth quarter. Vident Advisory LLC now owns 7,270 shares of the industrial products company’s stock valued at $355,000 after purchasing an additional 3,402 shares during the period. Finally, Tidal Investments LLC lifted its stake in shares of Sonoco Products by 35.8% in the 4th quarter. Tidal Investments LLC now owns 35,228 shares of the industrial products company’s stock valued at $1,721,000 after purchasing an additional 9,287 shares during 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.