Sonoco Products (NYSE:SON) Given New $64.00 Price Target at Truist Financial

Key Points

• Truist Financial lowered its price target on Sonoco Products from $65 to $64 while keeping a buy rating, implying about 20.3% upside from the prior close.
• Analyst sentiment is mixed overall: recent updates include rating changes and target adjustments from several firms, with MarketBeat showing an average Hold rating and a consensus price target of $61.33.
• Sonoco’s latest quarterly results missed expectations, with $1.20 EPS versus the $1.57 estimate and revenue of $1.68 billion versus $1.88 billion, though insiders have recently been buying shares.

Sonoco Products (NYSE:SON - Get Free Report) had its price objective decreased by equities research analysts at Truist Financial from $65.00 to $64.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Truist Financial's target price would indicate a potential upside of 20.30% from the stock's previous close.

A number of other research analysts have also issued reports on SON. Wall Street Zen lowered shares of Sonoco Products from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Bank of America upped their price target on shares of Sonoco Products from $65.00 to $69.00 and gave the company a "buy" rating in a research report on Tuesday. UBS Group dropped their price target on shares of Sonoco Products from $62.00 to $59.00 and set a "neutral" rating for the company in a research note on Friday, April 10th. Robert W. Baird reduced their price target on Sonoco Products from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Thursday, April 23rd. Finally, Citigroup increased their price target on Sonoco Products from $63.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Five analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $61.33.

Sonoco Products Price Performance

SON stock opened at $53.20 on Wednesday. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of 5.22, a P/E/G ratio of 1.13 and a beta of 0.37. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $58.44. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.54. The company has a 50 day simple moving average of $51.31 and a 200 day simple moving average of $51.39.

Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, April 21st. The industrial products company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.37). Sonoco Products had a net margin of 13.57% and a return on equity of 16.50%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the business posted $1.38 earnings per share. Sonoco Products's revenue for the quarter was down 1.9% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Research analysts anticipate that Sonoco Products will post 5.81 EPS for the current fiscal year.

Insider Activity at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk purchased 8,058 shares of the company's stock in a transaction on Friday, April 24th. The shares were purchased at an average cost of $49.64 per share, with a total value of $399,999.12. Following the completion of the purchase, the chief financial officer owned 28,558 shares in the company, valued at $1,417,619.12. This represents a 39.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James A. Harrell III acquired 6,753 shares of Sonoco Products stock in a transaction dated Monday, April 27th. The shares were bought at an average cost of $50.37 per share, with a total value of $340,148.61. Following the transaction, the insider owned 10,070 shares in the company, valued at approximately $507,225.90. This trade represents a 203.59% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.98% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wasatch Advisors LP lifted its holdings in shares of Sonoco Products by 15.9% in the 2nd quarter. Wasatch Advisors LP now owns 81,167 shares of the industrial products company's stock worth $4,574,000 after purchasing an additional 11,130 shares in the last quarter. Evanson Financial LLC bought a new stake in Sonoco Products during the 2nd quarter valued at $165,000. Hilltop National Bank raised its holdings in shares of Sonoco Products by 49.7% in the 2nd quarter. Hilltop National Bank now owns 1,777 shares of the industrial products company's stock worth $100,000 after acquiring an additional 590 shares during the last quarter. Access Investment Management LLC lifted its position in Sonoco Products by 11.5% in the 1st quarter. Access Investment Management LLC now owns 289,855 shares of the industrial products company's stock valued at $15,678,000 after acquiring an additional 29,980 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Sonoco Products by 19.0% in the 1st quarter. Bank of America Corp DE now owns 3,312,638 shares of the industrial products company's stock valued at $179,181,000 after acquiring an additional 528,292 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

About Sonoco Products

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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