Sonoco Products Company (NYSE:SON) Given Consensus Recommendation of “Hold” by Brokerages

Sonoco Products Company (NYSE:SON) has earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $54.5714.

A number of research analysts have issued reports on SON shares. Jefferies Financial Group decreased their target price on Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Citigroup cut their price objective on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, September 29th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Raymond James Financial set a $60.00 target price on shares of Sonoco Products in a report on Monday. Finally, Zacks Research cut shares of Sonoco Products from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th.

Insider Activity

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

Institutional Trading of Sonoco Products

Institutional investors have recently made changes to their positions in the business. Allen Wealth Management LLC bought a new position in Sonoco Products in the 3rd quarter valued at about $1,489,000. Voya Investment Management LLC grew its position in shares of Sonoco Products by 329.3% in the third quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after purchasing an additional 38,653 shares during the last quarter. Millennium Management LLC grew its position in shares of Sonoco Products by 739.7% in the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock valued at $54,444,000 after purchasing an additional 1,015,250 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Sonoco Products during the third quarter worth approximately $560,000. Finally, Creative Planning lifted its holdings in Sonoco Products by 72.0% during the 2nd quarter. Creative Planning now owns 24,636 shares of the industrial products company’s stock worth $1,073,000 after purchasing an additional 10,312 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 1.5%

Sonoco Products stock opened at $45.68 on Friday. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 7.25, a PEG ratio of 0.72 and a beta of 0.55. The company’s 50 day simple moving average is $42.00 and its 200 day simple moving average is $43.87. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. Sonoco Products has a fifty-two week low of $38.65 and a fifty-two week high of $50.09.

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

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Monday, November 10th. Sonoco Products’s dividend payout ratio is 33.65%.

About Sonoco Products

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.