Sonoco Products (NYSE:SON) Stock Gets Price Target Reduction from Truist Financial

Sonoco Products (NYSE:SON) had its price objective decreased by Truist Financial from $62.00 to $59.00 in a research note issued to investors on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

SON has been the subject of a number of other research reports. Bank of America downgraded shares of Sonoco Products from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $69.00 to $60.00 in a research note on Thursday, September 3rd. UBS Group dropped their target price on Sonoco Products from $61.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Citigroup lifted their price target on Sonoco Products from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Weiss Ratings lowered Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. Finally, Wells Fargo & Company reduced their price target on Sonoco Products from $56.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, October 19th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $57.50.

Sonoco Products Trading Up 0.1%

NYSE:SON opened at $50.17 on Friday. Sonoco Products has a one year low of $38.65 and a one year high of $60.67. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.18. The firm has a market cap of $4.96 billion, a P/E ratio of -21.81, a P/E/G ratio of 1.48 and a beta of 0.35. The firm has a 50-day simple moving average of $51.36 and a 200-day simple moving average of $52.52.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $1.67 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.07). Sonoco Products had a positive return on equity of 16.40% and a negative net margin of 3.08%. The business had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same period in the previous year, the company posted $1.92 EPS. Sonoco Products’s revenue for the quarter was down 4.2% on a year-over-year basis. Equities analysts anticipate that Sonoco Products will post 5.40 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, November 10th will be given a $0.54 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.3%. Sonoco Products’s payout ratio is presently -93.91%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Access Investment Management LLC lifted its position in Sonoco Products by 0.8% during the third quarter. Access Investment Management LLC now owns 294,509 shares of the industrial products company’s stock valued at $14,378,000 after acquiring an additional 2,300 shares during the last quarter. Signaturefd LLC boosted its stake in Sonoco Products by 19.4% in the third quarter. Signaturefd LLC now owns 4,462 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 725 shares in the last quarter. Inspire Investing LLC grew its holdings in Sonoco Products by 7.8% in the third quarter. Inspire Investing LLC now owns 13,166 shares of the industrial products company’s stock worth $643,000 after purchasing an additional 954 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Sonoco Products by 1.8% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 24,260 shares of the industrial products company’s stock worth $1,184,000 after purchasing an additional 425 shares during the last quarter. Finally, Abel Hall LLC grew its holdings in Sonoco Products by 9.5% in the third quarter. Abel Hall LLC now owns 6,520 shares of the industrial products company’s stock worth $318,000 after purchasing an additional 568 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.