Sonoco Products (NYSE:SON) Hits New 52-Week Low – Here’s Why

Sonoco Products (NYSE:SON)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $46.46 and last traded at $46.73, with a volume of 41834 shares changing hands. The stock had previously closed at $47.41.

Analyst Ratings Changes

Several research firms have issued reports on SON. Truist Financial raised their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company reduced their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday. Robert W. Baird lowered their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Citigroup reduced their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday. Finally, Bank of America boosted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Price Performance

The company’s 50 day moving average price is $50.46 and its 200 day moving average price is $51.82. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The company has a market cap of $4.65 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.46 EPS. On average, equities research analysts predict that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. TD Asset Management Inc boosted its stake in Sonoco Products by 2.0% in the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 300 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Sonoco Products by 2.2% during the second quarter. Arizona State Retirement System now owns 27,506 shares of the industrial products company’s stock worth $1,395,000 after purchasing an additional 586 shares during the period. Los Angeles Capital Management LLC bought a new stake in Sonoco Products in the second quarter valued at about $200,000. Chesapeake Capital Corp IL acquired a new position in Sonoco Products in the second quarter valued at about $325,000. Finally, Headlands Technologies LLC boosted its holdings in Sonoco Products by 2,086.0% during the second quarter. Headlands Technologies LLC now owns 5,924 shares of the industrial products company’s stock worth $300,000 after buying an additional 5,653 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

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.