Sonoco Products (NYSE:SON) Price Target Cut to $59.00 by Analysts at Citigroup

Sonoco Products (NYSE:SON) had its target price decreased by equities research analysts at Citigroup from $63.00 to $59.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup‘s price objective would indicate a potential upside of 17.49% from the stock’s previous close.

SON has been the topic of a number of other reports. Truist Financial reduced their price objective on shares of Sonoco Products from $62.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group reduced their price target on shares of Sonoco Products from $61.00 to $51.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Wells Fargo & Company decreased their price target on shares of Sonoco Products from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday. Weiss Ratings lowered shares of Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Finally, Bank of America cut Sonoco Products from a “buy” rating to a “neutral” rating and cut their price objective for the company from $69.00 to $60.00 in a research report on Thursday, September 3rd. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and an average price target of $57.78.

Sonoco Products Trading Down 0.1%

NYSE:SON traded down $0.06 during mid-day trading on Friday, reaching $50.22. 1,293,596 shares of the company’s stock traded hands, compared to its average volume of 1,168,434. The company has a 50 day moving average price of $51.52 and a 200-day moving average price of $52.55. The firm has a market capitalization of $4.97 billion, a price-to-earnings ratio of 7.99, a PEG ratio of 1.44 and a beta of 0.35. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.55. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $60.67.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, October 21st. The industrial products company reported $1.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.07). The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sonoco Products had a negative net margin of 3.08% and a positive return on equity of 15.51%. Sonoco Products’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the firm posted $1.92 earnings per share. On average, sell-side analysts predict that Sonoco Products will post 5.64 earnings per share for the current year.

Hedge Funds Weigh In On Sonoco Products

A number of hedge funds have recently added to or reduced their stakes in SON. EverSource Wealth Advisors LLC lifted its holdings in shares of Sonoco Products by 11.2% during the first quarter. EverSource Wealth Advisors LLC now owns 2,476 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 249 shares in the last quarter. WPG Advisers LLC boosted its holdings in shares of Sonoco Products by 93.1% in the first quarter. WPG Advisers LLC now owns 612 shares of the industrial products company’s stock worth $33,000 after buying an additional 295 shares during the last quarter. Hsbc Holdings PLC grew its position in Sonoco Products by 4.9% during the first quarter. Hsbc Holdings PLC now owns 6,373 shares of the industrial products company’s stock valued at $345,000 after buying an additional 300 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Sonoco Products by 3.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,840 shares of the industrial products company’s stock valued at $532,000 after acquiring an additional 314 shares during the period. Finally, Chicago Partners Investment Group LLC lifted its position in Sonoco Products by 6.7% during the first quarter. Chicago Partners Investment Group LLC now owns 6,062 shares of the industrial products company’s stock valued at $328,000 after purchasing an additional 381 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

About Sonoco Products

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.