Sonoco Products (NYSE:SON) Price Target Lowered to $56.00 at Wells Fargo & Company

Sonoco Products (NYSE:SON) had its price objective reduced by equities research analysts at Wells Fargo & Company from $60.00 to $56.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 9.38% from the company’s current price.

SON has been the topic of a number of other research reports. Truist Financial restated a “buy” rating and issued a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. Robert W. Baird raised their target price on Sonoco Products from $48.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 18th. Zacks Research upgraded Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Finally, Citigroup increased their price objective on Sonoco Products from $52.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $62.13.

Sonoco Products Trading Down 1.2%

Sonoco Products stock traded down $0.61 during trading hours on Friday, reaching $51.20. The company had a trading volume of 109,286 shares, compared to its average volume of 999,624. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.05 and a quick ratio of 0.60. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $58.44. The company has a 50-day moving average price of $51.83 and a 200 day moving average price of $45.90. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 5.09, a P/E/G ratio of 1.05 and a beta of 0.51.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the firm posted $1.17 earnings per share. The business’s quarterly revenue was up 29.7% compared to the same quarter last year. Equities analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Transactions at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the sale, the insider directly owned 9,377 shares in the company, valued at $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Savant Capital LLC grew its stake in Sonoco Products by 415.0% in the third quarter. Savant Capital LLC now owns 37,875 shares of the industrial products company’s stock worth $1,632,000 after purchasing an additional 30,520 shares during the period. Allen Wealth Management LLC purchased a new position in Sonoco Products during the third quarter valued at $1,489,000. AlphaQuest LLC lifted its position in Sonoco Products by 1,237.0% during the third quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock valued at $1,038,000 after buying an additional 22,278 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Sonoco Products by 329.3% during the 3rd quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after buying an additional 38,653 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Sonoco Products during the 3rd quarter valued at $560,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.