Sonoco Products (NYSE:SON) Price Target Cut to $55.00 by Analysts at Citigroup

Sonoco Products (NYSE:SON) had its price target reduced by Citigroup from $59.00 to $55.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities analysts have also issued reports on SON. Truist Financial lifted their target price on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday. Bank of America lifted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company decreased 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 report on Monday. Finally, Robert W. Baird cut their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Down 0.4 %

Shares of NYSE SON opened at $47.24 on Monday. Sonoco Products has a 1 year low of $46.46 and a 1 year high of $61.73. The firm has a 50-day simple moving average of $50.36 and a two-hundred day simple moving average of $51.79. The company has a market cap of $4.64 billion, a P/E ratio of 16.23, a PEG 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 (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 EPS. Research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 71.48%.

Hedge Funds Weigh In On Sonoco Products

Institutional investors and hedge funds have recently bought and sold shares of the company. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products in the 3rd quarter valued at $33,000. Abich Financial Wealth Management LLC purchased a new position in shares of Sonoco Products during the 2nd quarter worth $50,000. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products in the third quarter valued at about $71,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after buying an additional 1,675 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.