Truist Financial Boosts Sonoco Products (NYSE:SON) Price Target to $58.00

Key Points

• Truist Financial has raised its price target for Sonoco Products from $53.00 to $58.00, indicating a potential upside of 20.77% from the stock's previous close.
• Multiple analysts have issued buy ratings and set various price targets, with Jefferies Financial Group aiming for $62.00 and UBS increasing their target to $50.00.
• Despite a 1.1% decline in stock price during trading, Sonoco Products reported strong quarterly revenue growth of 17.7% year-over-year.
• Insiders have been active in purchasing company stock, with notable buys from Director Robert R. Hill, Jr. and CEO R. Howard Coker.

Sonoco Products (NYSE:SON - Get Free Report) had its price target boosted by equities researchers at Truist Financial from $53.00 to $58.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective points to a potential upside of 19.99% from the stock's previous close.

Several other analysts have also issued reports on the stock. Raymond James Financial upped their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. UBS Group upped their price target on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price target for the company from $45.00 to $55.00 in a research report on Friday, May 23rd. Finally, Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.63.

Sonoco Products Price Performance

NYSE SON traded down $0.24 on Friday, reaching $48.34. 1,164,116 shares of the company's stock traded hands, compared to its average volume of 981,950. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $56.77. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.51. The stock has a 50-day simple moving average of $45.55 and a 200 day simple moving average of $45.97. The stock has a market cap of $4.77 billion, a PE ratio of 8.66, a P/E/G ratio of 0.61 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the previous year, the business earned $1.28 earnings per share. The firm's revenue was up 17.7% on a year-over-year basis. As a group, research analysts predict that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Buying and Selling at Sonoco Products

In related news, CEO R. Howard Coker purchased 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, May 1st. The shares were bought at an average price of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John R. Haley purchased 2,246 shares of Sonoco Products stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average price of $44.57 per share, for a total transaction of $100,104.22. Following the transaction, the director directly 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 disclosure for this purchase can be found here. Over the last quarter, insiders have bought 27,721 shares of company stock worth $1,144,366. 0.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of SON. Vanguard Group Inc. grew its position in shares of Sonoco Products by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock worth $543,638,000 after buying an additional 120,843 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sonoco Products by 14.4% in 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 buying an additional 450,792 shares during the period. Earnest Partners LLC grew its position in shares of Sonoco Products by 2.3% in the 1st quarter. Earnest Partners LLC now owns 2,655,347 shares of the industrial products company's stock worth $125,439,000 after buying an additional 60,746 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in shares of Sonoco Products by 9.8% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 2,308,939 shares of the industrial products company's stock worth $109,074,000 after buying an additional 206,749 shares during the period. Finally, Cooper Creek Partners Management LLC purchased a new stake in shares of Sonoco Products in the 4th quarter worth about $78,203,000. Hedge funds and other institutional investors own 77.69% of the company's stock.

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.