Sonoco Products Company (NYSE:SON) Receives Consensus Recommendation of “Hold” from Brokerages

Sonoco Products Company (NYSE:SON) has been given an average recommendation of “Hold” by the nine brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $54.4286.

Several equities research analysts have weighed in on the stock. UBS Group lowered their target price on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, October 6th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a research report on Thursday, October 9th. Jefferies Financial Group decreased their price objective on Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 24th. Wells Fargo & Company upped their target price on Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Finally, Truist Financial decreased their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th.

Sonoco Products Price Performance

SON opened at $42.91 on Tuesday. The firm has a market capitalization of $4.23 billion, a PE ratio of 6.81, a price-to-earnings-growth ratio of 0.78 and a beta of 0.55. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. The business’s 50-day moving average is $40.84 and its two-hundred day moving average is $43.96. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $52.03.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a yield of 4.9%. Sonoco Products’s payout ratio is currently 33.65%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director John R. Haley purchased 2,506 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the purchase, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This trade represents a 12.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the stock in a transaction on Wednesday, October 29th. The shares were acquired at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the purchase, the chief financial officer owned 20,500 shares in the company, valued at $809,750. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

Several large investors have recently bought and sold shares of the business. Allworth Financial LP increased its position in Sonoco Products by 70.9% during the third quarter. Allworth Financial LP now owns 2,005 shares of the industrial products company’s stock worth $86,000 after buying an additional 832 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in Sonoco Products by 5.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock valued at $259,000 after purchasing an additional 304 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Sonoco Products in the third quarter valued at approximately $259,000. Captrust Financial Advisors grew its stake in shares of Sonoco Products by 53.2% during the 3rd quarter. Captrust Financial Advisors now owns 36,380 shares of the industrial products company’s stock worth $1,568,000 after purchasing an additional 12,627 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Sonoco Products in the third quarter valued at about $56,000. Hedge funds and other institutional investors 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.