Raymond James Financial Issues Positive Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON - Get Free Report) had its price objective raised by research analysts at Raymond James Financial from $50.00 to $55.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the industrial products company's stock. Raymond James Financial's price target points to a potential upside of 20.43% from the stock's previous close.

SON has been the topic of a number of other research reports. UBS Group began coverage on shares of Sonoco Products in a research report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective for the company. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their target price for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Truist Financial reduced 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 research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Sonoco Products has an average rating of "Moderate Buy" and a consensus target price of $56.75.

Sonoco Products Stock Up 0.8%

Shares of NYSE:SON traded up $0.38 during trading hours on Tuesday, hitting $45.67. The company's stock had a trading volume of 667,973 shares, compared to its average volume of 765,738. Sonoco Products has a 52 week low of $39.46 and a 52 week high of $56.77. 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 company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 0.60 and a beta of 0.68. The firm's fifty day moving average price is $45.26 and its 200 day moving average price is $46.02.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data 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). Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The firm had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same period in the previous year, the firm earned $1.12 EPS. The firm's quarterly revenue was up 30.6% on a year-over-year basis. As a group, research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Insider Transactions at Sonoco Products

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

Institutional Trading of Sonoco Products

Hedge funds have recently added to or reduced their stakes in the company. Beverly Hills Private Wealth LLC raised its stake in Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock valued at $268,000 after purchasing an additional 224 shares during the last quarter. CW Advisors LLC grew its holdings in Sonoco Products by 1.5% in the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company's stock valued at $699,000 after buying an additional 224 shares during the period. Federated Hermes Inc. grew its holdings in Sonoco Products by 2.5% in the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock valued at $440,000 after buying an additional 230 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Sonoco Products by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after purchasing an additional 270 shares during the period. Finally, IVC Wealth Advisors LLC grew its holdings in shares of Sonoco Products by 4.6% during the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock worth $309,000 after purchasing an additional 288 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

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.