Sonoco Products (NYSE:SON) Upgraded to “Buy” at Bank of America

Sonoco Products (NYSE:SON) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Monday,Benzinga reports. The brokerage presently has a $60.00 price target on the industrial products company’s stock, up from their prior price target of $56.00. Bank of America‘s price objective points to a potential upside of 35.24% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Truist Financial dropped their target price on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Jefferies Financial Group reduced their target price on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. Finally, Citigroup cut their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a report on Monday, September 29th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.00.

Sonoco Products Stock Performance

NYSE SON opened at $44.37 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. Sonoco Products has a twelve month low of $38.65 and a twelve month high of $50.09. The business has a 50-day moving average price of $41.62 and a 200-day moving average price of $43.81. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 7.04, a price-to-earnings-growth ratio of 0.77 and a beta of 0.55.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its stake in shares of Sonoco Products by 70.9% during the 3rd quarter. Allworth Financial LP now owns 2,005 shares of the industrial products company’s stock worth $86,000 after purchasing an additional 832 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Sonoco Products by 5.3% during the third quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock valued at $259,000 after buying an additional 304 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Sonoco Products during the third quarter valued at approximately $259,000. Captrust Financial Advisors raised its holdings in shares of Sonoco Products by 53.2% in the third quarter. Captrust Financial Advisors now owns 36,380 shares of the industrial products company’s stock worth $1,568,000 after buying an additional 12,627 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Sonoco Products during the 3rd quarter worth approximately $56,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.