Zacks Research Upgrades Sonoco Products (NYSE:SON) to “Hold”

Sonoco Products (NYSE:SON) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently commented on SON. Raymond James Financial set a $60.00 price objective on Sonoco Products in a research report on Monday. Jefferies Financial Group lowered their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. UBS Group decreased their price objective on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Finally, Truist Financial increased their price objective on shares of Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.57.

Sonoco Products Stock Performance

Shares of SON stock opened at $45.68 on Tuesday. The company’s 50-day moving average is $42.00 and its 200 day moving average is $43.87. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 7.25, a price-to-earnings-growth ratio of 0.72 and a beta of 0.55. Sonoco Products has a one year low of $38.65 and a one year high of $50.09. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The company 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. Sell-side analysts expect that Sonoco Products will post 6.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction dated 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 acquisition, the director owned 23,310 shares in the company, valued at $929,369.70. This trade represents a 12.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Paul Joachimczyk purchased 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The shares were bought at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the acquisition, the chief financial officer directly owned 20,500 shares in the company, valued at $809,750. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonoco Products

Large investors have recently made changes to their positions in the company. Richardson Financial Services Inc. raised its holdings in shares of Sonoco Products by 13.2% in the second quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock worth $100,000 after buying an additional 255 shares during the period. CIBC Private Wealth Group LLC lifted 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 worth $259,000 after purchasing an additional 304 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its stake in shares of Sonoco Products by 2.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 12,742 shares of the industrial products company’s stock valued at $549,000 after purchasing an additional 345 shares during the period. SG Americas Securities LLC grew its holdings in shares of Sonoco Products by 5.3% in the third quarter. SG Americas Securities LLC now owns 7,043 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 354 shares during the last quarter. Finally, Gentry Private Wealth LLC increased its stake in Sonoco Products by 3.7% in the 3rd quarter. Gentry Private Wealth LLC now owns 10,181 shares of the industrial products company’s stock worth $439,000 after buying an additional 362 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

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.