Sonoco Products (NYSE:SON) Sets New 12-Month Low – Here’s What Happened

Sonoco Products (NYSE:SON) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $48.17 and last traded at $48.27, with a volume of 144539 shares changing hands. The stock had previously closed at $48.85.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SON shares. Truist Financial assumed coverage on Sonoco Products in a research report on Tuesday, November 26th. They set a “buy” rating and a $63.00 target price on the stock. Robert W. Baird lowered their target price on shares of 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 increased their price target on shares of 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 four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Trading Down 0.1 %

The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The business’s 50-day moving average is $50.68 and its two-hundred day moving average is $52.02. The firm has a market cap of $4.71 billion, a P/E ratio of 16.48, a P/E/G ratio of 2.14 and a beta of 0.67.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate 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 was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. As a group, analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued 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 yield of 4.34%. Sonoco Products’s payout ratio is 71.48%.

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV lifted its stake in Sonoco Products by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock valued at $445,000 after purchasing an additional 237 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its position 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 acquiring an additional 289 shares during the last quarter. TD Asset Management Inc boosted its stake 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 worth $771,000 after acquiring an additional 300 shares in the last quarter. Curi RMB Capital LLC grew its holdings in shares of Sonoco Products by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after acquiring an additional 304 shares during the last quarter. Finally, Impact Partnership Wealth LLC raised its position in shares of Sonoco Products by 7.7% during the third quarter. Impact Partnership Wealth LLC now owns 4,506 shares of the industrial products company’s stock worth $246,000 after purchasing an additional 323 shares during the period. 77.69% of the stock is owned by 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.