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

Sonoco Products (NYSE:SON) had its target price raised by Truist Financial from $63.00 to $68.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities research analysts also recently commented on the stock. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $47.22 on Monday. The firm has a market cap of $4.64 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The firm’s 50-day simple moving average is $50.56 and its 200-day simple moving average is $51.88. Sonoco Products has a twelve month low of $47.18 and a twelve month high of $61.73. 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 released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. As a group, research analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s dividend payout ratio is presently 71.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SON. Nordea Investment Management AB grew its position in shares of Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock worth $55,181,000 after buying an additional 437,128 shares during the period. GAMMA Investing LLC grew its holdings in Sonoco Products by 33.8% during the 4th quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 798 shares during the period. Trust Co of the South raised its position in shares of Sonoco Products by 11.4% during the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company’s stock valued at $794,000 after acquiring an additional 1,658 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Sonoco Products by 110.4% in the 3rd quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company’s stock valued at $4,018,000 after purchasing an additional 38,564 shares during the period. Finally, Tidal Investments LLC boosted its position in shares of Sonoco Products by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock worth $1,417,000 after purchasing an additional 6,869 shares during the last quarter. 77.69% of the stock is currently 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.