Sonoco Products (NYSE:SON) Given New $50.00 Price Target at UBS Group

Sonoco Products (NYSE:SON - Get Free Report) had its target price increased by investment analysts at UBS Group from $48.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the industrial products company's stock. UBS Group's price target suggests a potential upside of 3.15% from the stock's current price.

Several other equities analysts have also recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective on the stock. Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Truist Financial dropped their price objective on shares of Sonoco Products from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial upped their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.00.

Sonoco Products Stock Down 0.4%

Shares of NYSE:SON traded down $0.21 during trading on Thursday, hitting $48.48. 1,345,004 shares of the company were exchanged, compared to its average volume of 840,267. The stock has a market capitalization of $4.78 billion, a P/E ratio of 31.43, a PEG ratio of 0.62 and a beta of 0.68. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. Sonoco Products has a 12-month low of $39.46 and a 12-month high of $56.77. The firm's 50 day moving average price is $45.39 and its 200-day moving average price is $45.95.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.07). Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.92 billion. During the same quarter last year, the company earned $1.28 EPS. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. On average, research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity at Sonoco Products

In other news, Director Robert R. Hill, Jr. bought 5,475 shares of Sonoco Products stock in a transaction on Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, the director owned 29,540 shares in the company, valued at approximately $1,191,643.60. This trade represents a 22.75% 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, Director John R. Haley bought 2,246 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was bought at an average cost of $44.57 per share, for a total transaction of $100,104.22. Following the completion of the transaction, the director directly owned 20,804 shares of the company's stock, valued at approximately $927,234.28. The trade was a 12.10% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 27,721 shares of company stock valued at $1,144,366. Insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently modified their holdings of the stock. ST Germain D J Co. Inc. purchased a new position in Sonoco Products in the second quarter valued at approximately $26,000. Whittier Trust Co. of Nevada Inc. raised its holdings in 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 buying an additional 752 shares during the period. UMB Bank n.a. raised its holdings in Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after buying an additional 574 shares during the period. Colonial Trust Co SC raised its holdings 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 buying an additional 453 shares during the period. Finally, Quarry LP raised its holdings in 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 buying an additional 511 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

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.

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