Sonoco Products (NYSE:SON) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered Sonoco Products’ price target from $62 to $59 while maintaining a “buy” rating, implying 17.58% potential upside from the prior close.
• Analyst sentiment is mixed: four analysts rate the stock a Buy and eight rate it a Hold, resulting in a consensus “Hold” rating and an average price target of $58.56.
• Sonoco’s latest quarter fell short of expectations, with EPS of $1.67 versus $1.74 expected and revenue of $2.04 billion, down 4.2% year over year. Shares recently traded at $50.18.

Sonoco Products (NYSE:SON - Get Free Report) had its target price lowered by stock analysts at Truist Financial from $62.00 to $59.00 in a report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective points to a potential upside of 17.58% from the company's previous close.

SON has been the topic of a number of other reports. Weiss Ratings lowered shares of Sonoco Products from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, September 11th. Citigroup boosted their target price on Sonoco Products from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Wells Fargo & Company dropped their price target on Sonoco Products from $56.00 to $53.00 and set an "equal weight" rating for the company in a research report on Monday. UBS Group cut their price target on Sonoco Products from $61.00 to $51.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Finally, Bank of America downgraded Sonoco Products from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $69.00 to $60.00 in a research report on Thursday, September 3rd. Four equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $58.56.

Sonoco Products Price Performance

Shares of SON traded down $0.09 during trading hours on Friday, hitting $50.18. 1,004,653 shares of the stock were exchanged, compared to its average volume of 1,167,339. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.55 and a current ratio of 0.99. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $60.67. The company has a market cap of $4.96 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 1.44 and a beta of 0.35. The stock's 50-day moving average price is $51.52 and its two-hundred day moving average price is $52.55.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $1.67 earnings per share for the quarter, missing analysts' consensus estimates of $1.74 by ($0.07). Sonoco Products had a negative net margin of 3.08% and a positive return on equity of 15.51%. The firm had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter in the previous year, the business posted $1.92 EPS. The company's revenue for the quarter was down 4.2% on a year-over-year basis. Research analysts expect that Sonoco Products will post 5.64 earnings per share for the current year.

Hedge Funds Weigh In On Sonoco Products

A number of hedge funds have recently modified their holdings of the business. Inspire Investing LLC grew its holdings in shares of Sonoco Products by 7.8% during the third quarter. Inspire Investing LLC now owns 13,166 shares of the industrial products company's stock worth $643,000 after buying an additional 954 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in shares of Sonoco Products by 1.8% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 24,260 shares of the industrial products company's stock valued at $1,184,000 after buying an additional 425 shares in the last quarter. Abel Hall LLC grew its holdings in Sonoco Products by 9.5% during the third quarter. Abel Hall LLC now owns 6,520 shares of the industrial products company's stock worth $318,000 after acquiring an additional 568 shares during the period. TD Waterhouse Canada Inc. raised its position in Sonoco Products by 13.4% in the third quarter. TD Waterhouse Canada Inc. now owns 10,206 shares of the industrial products company's stock worth $495,000 after acquiring an additional 1,203 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in Sonoco Products by 334.8% in the third quarter. State of Alaska Department of Revenue now owns 61,368 shares of the industrial products company's stock worth $2,995,000 after acquiring an additional 47,255 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

About Sonoco Products

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.

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