Raymond James Financial Reiterates "Market Perform" Rating for Sonoco Products (NYSE:SON)

Key Points

• Raymond James Financial reissued a "market perform" rating for Sonoco Products, indicating a neutral outlook on the stock.
• Multiple analysts have adjusted their price targets for Sonoco Products, with Truist Financial lowering it to $57.00 and UBS Group reducing it to $46.00.
• Sonoco Products reported $1.00 EPS for the last quarter, with analysts estimating a total of 6.1 EPS for the current year.

Sonoco Products (NYSE:SON - Get Free Report)'s stock had its "market perform" rating reissued by equities researchers at Raymond James Financial in a report issued on Friday, MarketBeat reports.

Several other equities analysts also recently weighed in on SON. Truist Financial lowered their price target on shares of Sonoco Products from $58.00 to $57.00 and set a "buy" rating on the stock in a report on Monday. UBS Group lowered their target price on shares of Sonoco Products from $50.00 to $46.00 and set a "neutral" rating on the stock in a research note on Monday, October 6th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Sonoco Products in a report on Wednesday, October 8th. Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Sonoco Products in a report on Thursday, October 9th. Finally, Wells Fargo & Company lowered their price objective on Sonoco Products from $55.00 to $50.00 and set an "overweight" rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Sonoco Products has an average rating of "Hold" and a consensus target price of $54.50.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $40.13 on Friday. The stock has a market cap of $3.96 billion, a P/E ratio of 7.19, a P/E/G ratio of 0.65 and a beta of 0.68. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. The stock's fifty day moving average is $44.96 and its 200 day moving average is $45.08. Sonoco Products has a one year low of $39.13 and a one year high of $54.59.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The business had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Sell-side analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently made changes to their positions in the company. ST Germain D J Co. Inc. purchased a new position in Sonoco Products during the 2nd quarter valued at approximately $26,000. TD Waterhouse Canada Inc. bought a new position in shares of Sonoco Products during the 2nd quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 752 shares in the last quarter. Allworth Financial LP increased its position in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after purchasing an additional 646 shares during the last quarter. Finally, SouthState Corp raised its stake in Sonoco Products by 439.1% during the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company's stock valued at $54,000 after purchasing an additional 1,010 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, 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.

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