Brokerages Set Sonoco Products (NYSE:SON) PT at $56.43

Sonoco Products (NYSE:SON - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seven research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $57.43.

SON has been the subject of a number of recent research reports. Truist Financial decreased their price target on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price on the stock. Finally, Raymond James decreased their price target on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd.

Sonoco Products Stock Down 2.0%

Shares of NYSE SON traded down $0.95 during mid-day trading on Friday, hitting $45.71. The company had a trading volume of 513,934 shares, compared to its average volume of 779,976. The company has a market capitalization of $4.51 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 0.76 and a beta of 0.68. The business's 50-day simple moving average is $44.95 and its 200 day simple moving average is $47.37. Sonoco Products has a 1-year low of $39.46 and a 1-year 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.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Sonoco Products's revenue for the quarter was up 30.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 EPS. On average, analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. This is a positive change from Sonoco Products's previous quarterly dividend of $0.52. This represents a $2.12 annualized dividend and a yield of 4.64%. The ex-dividend date is Friday, May 9th. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Insider Activity at Sonoco Products

In other news, Director Robert R. Hill, Jr. acquired 5,475 shares of the firm's stock in a transaction dated Wednesday, April 30th. The stock was acquired at an average cost of $40.34 per share, with a total value of $220,861.50. Following the completion of the acquisition, the director now owns 29,540 shares of the company's stock, valued at $1,191,643.60. The trade was a 22.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Haley bought 3,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were acquired at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the transaction, the director now owns 18,558 shares of the company's stock, valued at approximately $867,772.08. The trade was a 19.28% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 50,721 shares of company stock valued at $2,206,646 over the last ninety days. Insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On Sonoco Products

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Sonoco Products by 508.1% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock worth $43,000 after buying an additional 752 shares during the last quarter. UMB Bank n.a. grew its stake in shares of 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 purchasing an additional 574 shares during the last quarter. Colonial Trust Co SC grew its stake in shares of Sonoco Products by 90.6% in the 4th 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. Quarry LP increased its holdings 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. Finally, Allworth Financial LP raised its position in Sonoco Products by 152.0% during the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after buying an additional 646 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other 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.