Sonoco Products (NYSE:SON) Cut to Neutral at Bank of America

Key Points

• Bank of America downgraded Sonoco Products from “Buy” to “Neutral” and set a $60 price target, implying 9.71% upside from the reported $54.69 share price.
• Analyst sentiment is mixed, with five “Buy” ratings and seven “Hold” ratings producing a consensus “Hold” rating and an average price target of $60.78.
• Sonoco recently exceeded quarterly earnings expectations, reporting $1.51 EPS versus $1.47 expected, while revenue declined 1.3% year over year to $1.89 billion; institutional investors own 77.69% of the stock.

Sonoco Products (NYSE:SON - Get Free Report) was downgraded by analysts at Bank of America from a "buy" rating to a "neutral" rating in a report released on Thursday, Marketbeat.com reports. They currently have a $60.00 target price on the industrial products company's stock. Bank of America's target price indicates a potential upside of 9.71% from the company's current price.

SON has been the topic of several other research reports. Citigroup raised their price objective on Sonoco Products from $63.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Truist Financial increased their price objective on shares of Sonoco Products from $64.00 to $68.00 and gave the company a "buy" rating in a report on Friday, July 24th. Finally, Weiss Ratings raised shares of Sonoco Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 26th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $60.78.

Sonoco Products Price Performance

NYSE SON opened at $54.69 on Thursday. The company has a 50-day moving average price of $56.67 and a 200-day moving average price of $53.76. Sonoco Products has a 52 week low of $38.65 and a 52 week high of $60.67. The company has a quick ratio of 0.55, a current ratio of 0.99 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $5.41 billion, a P/E ratio of 8.69, a PEG ratio of 1.25 and a beta of 0.36.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the firm posted $1.37 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Equities research analysts anticipate that Sonoco Products will post 5.8 earnings per share for the current year.

Institutional Trading of Sonoco Products

Institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sonoco Products by 44.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company's stock worth $2,319,000 after buying an additional 15,079 shares during the period. Goldman Sachs Group Inc. grew its position in Sonoco Products by 80.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company's stock worth $9,755,000 after purchasing an additional 92,286 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Sonoco Products by 14.1% during the first quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company's stock valued at $522,000 after buying an additional 1,364 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company's stock valued at $25,754,000 after purchasing an additional 255,055 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Sonoco Products by 315.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company's stock worth $69,000 after buying an additional 1,205 shares during the period. 77.69% of the stock is currently owned by institutional investors.

About Sonoco Products

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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