Sonoco Products (NYSE:SON) Coverage Initiated at Truist Financial

Equities researchers at Truist Financial started coverage on shares of Sonoco Products (NYSE:SON) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $63.00 price target on the industrial products company’s stock. Truist Financial’s target price suggests a potential upside of 21.32% from the company’s previous close.

A number of other analysts have also commented on SON. Citigroup increased their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Trading Up 2.0 %

Shares of SON stock opened at $51.93 on Tuesday. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The stock has a market cap of $5.10 billion, a P/E ratio of 17.85, a P/E/G ratio of 2.09 and a beta of 0.69. The business has a fifty day simple moving average of $52.65 and a 200-day simple moving average of $53.84. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts forecast that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of SON. Mercer Global Advisors Inc. ADV raised its holdings in shares of Sonoco Products by 2.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock valued at $445,000 after buying an additional 237 shares during the period. Creative Financial Designs Inc. ADV raised its holdings in shares of Sonoco Products by 13.9% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after buying an additional 289 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sonoco Products by 1.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock valued at $1,002,000 after buying an additional 298 shares during the period. TD Asset Management Inc raised its holdings in shares of Sonoco Products by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after buying an additional 300 shares during the period. Finally, Curi RMB Capital LLC raised its holdings in shares of Sonoco Products by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock valued at $709,000 after buying an additional 304 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

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.