Sonoco Products (NYSE:SON) Price Target Raised to $68.00

Sonoco Products (NYSE:SON) had its price target boosted by Truist Financial from $64.00 to $68.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings cut Sonoco Products from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, July 20th. Argus raised Sonoco Products to a “hold” rating in a report on Monday, April 20th. UBS Group cut their target price on Sonoco Products from $62.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, April 10th. Robert W. Baird decreased their price target on Sonoco Products from $60.00 to $55.00 and set a “neutral” rating on the stock in a research report on Thursday, April 23rd. Finally, Citigroup increased their price target on shares of Sonoco Products from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $61.78.

Sonoco Products Stock Up 0.1%

SON opened at $58.27 on Friday. The company has a 50 day moving average of $52.16 and a 200 day moving average of $52.05. The company has a market cap of $5.76 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 1.27 and a beta of 0.37. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $58.62. The company has a current ratio of 0.99, a quick ratio of 0.55 and a debt-to-equity ratio of 0.97.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the business earned $1.37 EPS. Sonoco Products’s revenue was down 1.3% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. On average, sell-side analysts expect that Sonoco Products will post 5.79 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.16 annualized dividend and a yield of 3.7%. Sonoco Products’s dividend payout ratio (DPR) is currently 34.34%.

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors have recently added to or reduced their stakes in SON. Wasatch Advisors LP raised its holdings in shares of Sonoco Products by 15.9% in the 2nd quarter. Wasatch Advisors LP now owns 81,167 shares of the industrial products company’s stock valued at $4,574,000 after acquiring an additional 11,130 shares in the last quarter. Evanson Financial LLC purchased a new position in shares of Sonoco Products during the second quarter worth about $165,000. Hilltop National Bank increased its position in shares of Sonoco Products by 49.7% in the second quarter. Hilltop National Bank now owns 1,777 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 590 shares during the last quarter. Access Investment Management LLC increased its position in shares of Sonoco Products by 11.5% in the first quarter. Access Investment Management LLC now owns 289,855 shares of the industrial products company’s stock worth $15,678,000 after purchasing an additional 29,980 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Sonoco Products by 19.0% in the first quarter. Bank of America Corp DE now owns 3,312,638 shares of the industrial products company’s stock valued at $179,181,000 after purchasing an additional 528,292 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

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.