Sonoco Products (NYSE:SON) Price Target Lowered to $50.00 at Raymond James

Sonoco Products (NYSE:SON - Free Report) had its target price lowered by Raymond James from $54.00 to $50.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the industrial products company's stock.

SON has been the topic of a number of other reports. StockNews.com raised Sonoco Products from a "sell" rating to a "hold" rating in a research note 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 on the stock in a research note on Monday, February 24th. Citigroup lowered their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Truist Financial reduced their target price on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Bank of America raised their price objective on Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $56.43.

Sonoco Products Price Performance

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

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 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 analysts' expectations of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. As a group, equities analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

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

Insider Transactions at Sonoco Products

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Sonoco Products by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock valued at $543,638,000 after buying an additional 120,843 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Sonoco Products by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock valued at $153,411,000 after acquiring an additional 136,965 shares during the last quarter. Earnest Partners LLC raised its position in shares of Sonoco Products by 0.4% during the 4th quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock valued at $126,746,000 after acquiring an additional 10,661 shares in the last quarter. Cooper Creek Partners Management LLC bought a new position in Sonoco Products during the fourth quarter worth $78,203,000. Finally, Invesco Ltd. boosted its holdings in Sonoco Products by 13.0% in the fourth quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock worth $66,338,000 after purchasing an additional 155,893 shares during the period. 77.69% of the stock is currently 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.