Bank of America Issues Positive Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its target price lifted by investment analysts at Bank of America from $66.00 to $71.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price would indicate a potential upside of 48.41% from the company’s current price.

Several other brokerages have also recently weighed in on SON. Truist Financial increased their price target on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Citigroup raised their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.50.

Sonoco Products Price Performance

SON stock traded down $0.11 during midday trading on Monday, reaching $47.84. The company had a trading volume of 387,275 shares, compared to its average volume of 587,391. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a 1-year low of $47.68 and a 1-year high of $61.73. The stock has a 50 day moving average price of $50.68 and a 200-day moving average price of $51.95.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the company posted $1.46 EPS. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities research analysts expect that Sonoco Products will post 5.09 earnings per share for the current year.

Institutional Investors Weigh In On Sonoco Products

Several large investors have recently made changes to their positions in SON. Earnest Partners LLC lifted its position in shares of Sonoco Products by 2.5% during the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after acquiring an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Sonoco Products by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after buying an additional 261,062 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after acquiring an additional 42,701 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Sonoco Products by 9.3% in the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after purchasing an additional 126,643 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Company Profile

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.