Sonoco Products (NYSE:SON) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered the target price for Sonoco Products from $55.00 to $50.00, indicating a potential upside of 25.39% from the stock's previous close.
• Various researchers have given mixed ratings with five analysts rating it as a Buy and four as a Hold, reflecting a consensus rating of "Moderate Buy" and a price target of $54.50.
• Sonoco Products has a current stock price of $39.88 with a market cap of $3.93 billion and a P/E ratio of 7.15.

Sonoco Products (NYSE:SON - Get Free Report) had its target price reduced by research analysts at Wells Fargo & Company from $55.00 to $50.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's price target would indicate a potential upside of 25.39% from the stock's previous close.

SON has been the subject of a number of other research reports. Weiss Ratings restated a "hold (c-)" rating on shares of Sonoco Products in a research note on Wednesday, October 8th. UBS Group decreased their price objective on Sonoco Products from $50.00 to $46.00 and set a "neutral" rating for the company in a report on Monday, October 6th. Truist Financial reduced their target price on shares of Sonoco Products from $58.00 to $57.00 and set a "buy" rating on the stock in a research report on Monday. Raymond James Financial upped their target price 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, Bank of America reissued a "neutral" rating and set a $56.00 price objective on shares of Sonoco Products in a research note on Thursday, October 9th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

Sonoco Products Trading Up 0.7%

NYSE SON traded up $0.30 on Wednesday, hitting $39.88. The company's stock had a trading volume of 291,320 shares, compared to its average volume of 890,809. Sonoco Products has a 52-week low of $39.13 and a 52-week high of $55.33. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The company's 50-day simple moving average is $45.18 and its 200 day simple moving average is $45.16. The firm has a market cap of $3.93 billion, a P/E ratio of 7.15, a PEG ratio of 0.64 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. The company had revenue of $1.35 billion during the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Research analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of the company. ST Germain D J Co. Inc. purchased a new stake in Sonoco Products during the second quarter valued at $26,000. TD Waterhouse Canada Inc. bought a new stake in shares of Sonoco Products during the 2nd quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings 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 buying an additional 752 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after buying an additional 646 shares during the last quarter. Finally, SouthState Corp boosted its holdings in shares of Sonoco Products by 439.1% in the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company's stock worth $54,000 after buying an additional 1,010 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

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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