Sonoco Products (NYSE:SON) Given New $65.00 Price Target at Citigroup

Sonoco Products (NYSE:SON) had its price objective decreased by analysts at Citigroup from $66.00 to $65.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price points to a potential upside of 12.11% from the stock’s current price.

A number of other analysts also recently commented on the stock. TheStreet downgraded shares of Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Wells Fargo & Company dropped their target price on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $63.00.

Sonoco Products Stock Performance

Sonoco Products stock traded up $1.03 during midday trading on Thursday, reaching $57.98. 141,373 shares of the stock traded hands, compared to its average volume of 437,408. The company has a current ratio of 1.76, a quick ratio of 1.10 and a debt-to-equity ratio of 1.25. The firm has a fifty day moving average price of $56.99 and a two-hundred day moving average price of $55.61. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 2.19 and a beta of 0.68. Sonoco Products has a fifty-two week low of $49.98 and a fifty-two week high of $63.74.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts forecast that Sonoco Products will post 5.26 earnings per share for the current year.

Insider Activity at Sonoco Products

In related news, VP Adam Wood sold 537 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the sale, the vice president now owns 28,273 shares in the company, valued at approximately $1,612,691.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Sonoco Products news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total value of $604,065.00. Following the transaction, the insider now owns 13,456 shares in the company, valued at approximately $774,123.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Adam Wood sold 537 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the transaction, the vice president now owns 28,273 shares in the company, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,076 shares of company stock worth $749,002. 0.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth $28,000. Burkett Financial Services LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth $30,000. Authentikos Wealth Advisory LLC acquired a new position in Sonoco Products in the 3rd quarter valued at $34,000. Point72 Asset Management L.P. acquired a new position in Sonoco Products in the 2nd quarter valued at $34,000. Finally, ST Germain D J Co. Inc. acquired a new position in Sonoco Products in the 2nd quarter valued at $40,000. 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.