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

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

A number of other research firms have also weighed in on SON. Robert W. Baird decreased their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Citigroup reduced their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Truist Financial cut their price objective on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a report on Friday, February 21st. Bank of America raised their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, StockNews.com lowered Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $58.50.

Sonoco Products Stock Down 0.4 %

Sonoco Products stock opened at $46.88 on Monday. The firm has a 50 day simple moving average of $47.92 and a 200 day simple moving average of $50.98. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. Sonoco Products has a 1-year low of $44.35 and a 1-year high of $61.73. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of 28.41, a P/E/G ratio of 0.76 and a beta of 0.67.

Sonoco Products (NYSE:SON) last announced 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 net margin of 2.60% and a return on equity of 20.81%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.67 billion. On average, analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s payout ratio is 126.06%.

Insider Buying and Selling at Sonoco Products

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products during the 3rd quarter valued at about $27,000. Capital Performance Advisors LLP bought a new stake in Sonoco Products during the third quarter valued at approximately $33,000. Quarry LP increased its holdings in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after buying an additional 511 shares during the last quarter. Colonial Trust Co SC raised its position in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 453 shares during the period. Finally, True Wealth Design LLC boosted its stake in shares of Sonoco Products by 650.7% during the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 950 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other 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.