UBS Group Forecasts Strong Price Appreciation for Sonoco Products (NYSE:SON) Stock

Sonoco Products (NYSE:SON - Free Report) had its price objective boosted by UBS Group from $48.00 to $50.00 in a research note issued to investors on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the industrial products company's stock.

Other equities research analysts have also issued reports about the company. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Jefferies Financial Group began coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target on the stock. Raymond James Financial boosted their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Truist Financial dropped their price objective on shares of Sonoco Products from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Sonoco Products presently has an average rating of "Moderate Buy" and a consensus target price of $57.63.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded down $0.60 during midday trading on Thursday, hitting $47.73. 1,033,775 shares of the company were exchanged, compared to its average volume of 852,327. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The firm has a market cap of $4.71 billion, a P/E ratio of 8.55, a PEG ratio of 0.62 and a beta of 0.68. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $56.77. The firm has a 50 day simple moving average of $45.55 and a 200-day simple moving average of $45.96.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.07). The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. The business's quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.28 EPS. Research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Friday, August 8th. Sonoco Products's payout ratio is 37.99%.

Insider Buying and Selling at Sonoco Products

In other news, Director John R. Haley purchased 2,246 shares of Sonoco Products stock in a transaction dated Friday, May 2nd. The shares were bought at an average cost of $44.57 per share, with a total value of $100,104.22. Following the completion of the transaction, the director directly owned 20,804 shares in the company, valued at $927,234.28. This trade represents a 12.10% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert R. Hill, Jr. purchased 5,475 shares of Sonoco Products stock in a transaction dated Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the completion of the transaction, the director owned 29,540 shares of the company's stock, valued at approximately $1,191,643.60. This represents a 22.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 27,721 shares of company stock worth $1,144,366. Insiders own 0.74% of the company's stock.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently made changes to their positions in the company. ST Germain D J Co. Inc. bought a new stake in shares of Sonoco Products during the second quarter worth $26,000. Whittier Trust Co. of Nevada Inc. lifted its position 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 worth $43,000 after purchasing an additional 752 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after purchasing an additional 574 shares in the last quarter. Colonial Trust Co SC lifted its position in shares of Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares in the last quarter. Finally, Quarry LP lifted 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 worth $47,000 after purchasing an additional 511 shares in the last quarter. 77.69% of the stock is owned by 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.