Citigroup Lowers Sonoco Products (NYSE:SON) Price Target to $60.00

Sonoco Products (NYSE:SON) had its target price cut by stock analysts at Citigroup from $64.00 to $60.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential upside of 24.15% from the stock’s current price.

SON has been the topic of several other reports. StockNews.com cut Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company upped their price objective on shares of Sonoco Products from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Sonoco Products Stock Performance

Shares of SON stock opened at $48.33 on Monday. The company has a current ratio of 1.31, a quick ratio of 0.83 and a debt-to-equity ratio of 1.08. The firm has a fifty day simple moving average of $57.00 and a two-hundred day simple moving average of $56.97. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The firm has a market capitalization of $4.75 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.88 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. Analysts forecast that Sonoco Products will post 5.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Institutional investors and hedge funds have recently bought and sold shares of the company. Rise Advisors LLC bought a new position in shares of Sonoco Products during the 1st quarter worth $26,000. FinTrust Capital Advisors LLC boosted its position in Sonoco Products by 78.8% during the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 216 shares during the period. Bruce G. Allen Investments LLC purchased a new position in shares of Sonoco Products in the fourth quarter worth about $28,000. Burkett Financial Services LLC bought a new stake in shares of Sonoco Products in the fourth quarter valued at approximately $30,000. Finally, TFO Wealth Partners LLC lifted its stake in shares of Sonoco Products by 12,183.3% during the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after buying an additional 731 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

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.