Sonoco Products (NYSE:SON) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Sonoco Products (NYSE:SON - Free Report) in a report issued on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $62.00 target price on the industrial products company's stock.

Other analysts also recently issued reports about the company. Citigroup decreased their price target on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating for the company in a report on Monday, February 24th. Truist Financial decreased their price objective on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Bank of America increased their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $56.43.

Sonoco Products Stock Performance

Shares of SON stock traded down $0.17 during midday trading on Tuesday, hitting $46.23. The company had a trading volume of 412,829 shares, compared to its average volume of 752,082. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. The company's 50 day simple moving average is $45.66 and its 200 day simple moving average is $48.51. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.59%. The ex-dividend date is Friday, May 9th. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is 128.48%.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction on Thursday, February 27th. The shares were bought at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO R. Howard Coker purchased 20,000 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the completion of the purchase, the chief executive officer now directly owns 482,365 shares in the company, valued at $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.74% of the company's stock.

Hedge Funds Weigh In On Sonoco Products

Institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. raised its holdings in Sonoco Products by 152.7% in the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after acquiring an additional 574 shares during the last quarter. Quarry LP grew its position in shares of Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 511 shares during the period. Colonial Trust Co SC increased its stake in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 453 shares during the last quarter. True Wealth Design LLC lifted its position in Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock worth $54,000 after buying an additional 950 shares during the period. Finally, Principal Securities Inc. increased its holdings in shares of Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after buying an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

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.