Sonoco Products (NYSE:SON) Price Target Raised to $71.00

Sonoco Products (NYSE:SON) had its price objective upped by equities research analysts at Bank of America from $66.00 to $71.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price objective would suggest a potential upside of 49.73% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on SON. Wells Fargo & Company reduced their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday. Robert W. Baird decreased their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company 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 note on Monday. Finally, Citigroup raised their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Up 0.4 %

Shares of NYSE:SON opened at $47.42 on Monday. The firm has a 50 day simple moving average of $50.46 and a 200-day simple moving average of $51.82. Sonoco Products has a twelve month low of $47.18 and a twelve month high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $4.66 billion, a PE ratio of 16.30, a P/E/G ratio of 2.14 and a beta of 0.68.

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

Hedge Funds Weigh In On Sonoco Products

A number of large investors have recently modified their holdings of the business. Earnest Partners LLC boosted its stake in shares of Sonoco Products by 2.5% in the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock valued at $134,192,000 after buying an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Sonoco Products by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after purchasing an additional 1,965,698 shares during the period. Geode Capital Management LLC increased its holdings in shares of Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after purchasing an additional 42,701 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Sonoco Products by 9.3% in the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock valued at $75,602,000 after purchasing an additional 126,643 shares during the period. 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.