Wells Fargo & Company Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its target price cut by analysts at Wells Fargo & Company from $52.00 to $50.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 3.01% from the stock’s previous close.

A number of other research analysts also recently issued reports on SON. Robert W. Baird dropped their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Truist Financial lifted their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. Finally, Citigroup increased their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Sonoco Products Price Performance

Shares of SON stock traded up $0.59 during trading hours on Monday, reaching $48.54. The company had a trading volume of 139,770 shares, compared to its average volume of 503,583. Sonoco Products has a 12-month low of $47.68 and a 12-month high of $61.73. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 2.14 and a beta of 0.68. The stock has a fifty day moving average of $50.68 and a 200-day moving average of $51.95. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36.

Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. On average, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current year.

Institutional Investors Weigh In On Sonoco Products

Several large investors have recently made changes to their positions in SON. TD Asset Management Inc lifted its stake in shares of Sonoco Products by 2.0% during the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System grew its position in Sonoco Products by 2.2% in the second quarter. Arizona State Retirement System now owns 27,506 shares of the industrial products company’s stock valued at $1,395,000 after acquiring an additional 586 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Sonoco Products during the second quarter valued at approximately $200,000. Chesapeake Capital Corp IL purchased a new position in shares of Sonoco Products in the second quarter valued at $325,000. Finally, Headlands Technologies LLC grew its holdings in Sonoco Products by 2,086.0% during the 2nd quarter. Headlands Technologies LLC now owns 5,924 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 5,653 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

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.