Truist Financial Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON - Get Free Report) had its target price lowered by analysts at Truist Financial from $54.00 to $53.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Truist Financial's price target indicates a potential upside of 14.59% from the company's current price.

Several other research analysts have also commented on SON. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. UBS Group initiated coverage on Sonoco Products in a report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 target price for the company. Raymond James Financial decreased their target price on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price for the company. Finally, Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $56.13.

Sonoco Products Trading Down 1.6%

Sonoco Products stock traded down $0.76 during trading on Friday, reaching $46.25. 799,009 shares of the company were exchanged, compared to its average volume of 764,995. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $56.77. The company has a market capitalization of $4.56 billion, a P/E ratio of 30.03, a PEG ratio of 0.61 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. The stock's 50 day simple moving average is $45.22 and its two-hundred day simple moving average is $46.09.

Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. Sonoco Products's revenue was up 30.6% compared to the same quarter last year. During the same period last year, the business earned $1.12 EPS. On average, equities research analysts expect that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity at Sonoco Products

In related news, Director John R. Haley bought 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The shares were purchased at an average price of $44.57 per share, with a total value of $100,104.22. Following the purchase, the director owned 20,804 shares in the company, valued at $927,234.28. This represents a 12.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO R. Howard Coker purchased 20,000 shares of the business's stock in a transaction on Thursday, May 1st. The stock was acquired at an average price of $41.17 per share, with a total value of $823,400.00. Following the completion of the acquisition, the chief executive officer directly owned 502,365 shares in the company, valued at $20,682,367.05. The trade was a 4.15% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is owned by corporate insiders.

Institutional Trading of Sonoco Products

A number of institutional investors and hedge funds have recently made changes to their positions in SON. Cooper Creek Partners Management LLC acquired a new stake in shares of Sonoco Products during the 4th quarter worth $78,203,000. Norges Bank acquired a new stake in shares of Sonoco Products during the 4th quarter worth $60,984,000. Millennium Management LLC increased its holdings in shares of Sonoco Products by 739.7% during the 1st quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company's stock worth $54,444,000 after buying an additional 1,015,250 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of Sonoco Products by 368.6% during the 4th quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock worth $32,555,000 after buying an additional 524,198 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Sonoco Products by 14.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company's stock worth $169,646,000 after purchasing an additional 450,792 shares during the period. 77.69% of the stock is currently 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.