Sonoco Products (NYSE:SON) Price Target Lowered to $59.00 at UBS Group

Key Points

• UBS lowered its price target on Sonoco from $62 to $59 and kept a "neutral" rating, implying only about a 3.8% upside from the current price.
• Analyst coverage is mixed with a consensus "Hold" rating (average price target $61.89), as five analysts rate the stock Buy and six rate it Hold.
• Sonoco recently beat quarterly EPS estimates ($1.05 vs. $1.01) with revenue up 29.7% YoY; the stock traded around $56.83, with a market cap of $5.62B and a P/E of 5.64.

Sonoco Products (NYSE:SON - Get Free Report) had its price objective reduced by investment analysts at UBS Group from $62.00 to $59.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the industrial products company's stock. UBS Group's price objective would indicate a potential upside of 3.83% from the stock's current price.

SON has been the subject of a number of other research reports. Raymond James Financial reaffirmed a "market perform" rating on shares of Sonoco Products in a research report on Friday, March 6th. Robert W. Baird increased their price objective on shares of Sonoco Products from $48.00 to $60.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 18th. Truist Financial reaffirmed a "buy" rating and set a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. Wells Fargo & Company lowered their price objective on shares of Sonoco Products from $60.00 to $56.00 and set an "equal weight" rating for the company in a research report on Friday, March 20th. Finally, Citigroup increased their price objective on shares of Sonoco Products from $52.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, February 19th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $61.89.

Sonoco Products Trading Up 1.3%

Shares of Sonoco Products stock traded up $0.75 during mid-day trading on Friday, hitting $56.83. The stock had a trading volume of 316,799 shares, compared to its average volume of 978,973. The firm has a 50-day moving average of $53.50 and a two-hundred day moving average of $46.65. Sonoco Products has a 12-month low of $38.65 and a 12-month high of $58.44. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. The firm has a market cap of $5.62 billion, a P/E ratio of 5.64, a price-to-earnings-growth ratio of 1.11 and a beta of 0.50.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.76 billion. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The firm's quarterly revenue was up 29.7% on a year-over-year basis. During the same quarter last year, the company posted $1.17 EPS. Sell-side analysts forecast that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Transactions at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction on Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the transaction, the insider directly owned 9,377 shares in the company, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. raised its stake in Sonoco Products by 477.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,901,950 shares of the industrial products company's stock worth $257,561,000 after acquiring an additional 4,880,438 shares in the last quarter. AQR Capital Management LLC raised its stake in Sonoco Products by 357.8% during the 3rd quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company's stock worth $90,693,000 after acquiring an additional 1,654,576 shares in the last quarter. Norges Bank acquired a new stake in Sonoco Products during the 4th quarter worth $54,611,000. Squarepoint Ops LLC raised its stake in Sonoco Products by 2,813.2% during the 4th quarter. Squarepoint Ops LLC now owns 876,895 shares of the industrial products company's stock worth $38,268,000 after acquiring an additional 846,794 shares in the last quarter. Finally, LSV Asset Management raised its stake in Sonoco Products by 95.7% during the 4th quarter. LSV Asset Management now owns 1,563,390 shares of the industrial products company's stock worth $68,226,000 after acquiring an additional 764,590 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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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