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

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 objective hoisted by stock analysts at Truist Financial from $53.00 to $58.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Truist Financial's target price would indicate a potential upside of 22.71% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. Jefferies Financial Group began 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. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. UBS Group upped their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial upped their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Sonoco Products presently has an average rating of "Moderate Buy" and an average price target of $57.63.

Sonoco Products Trading Down 0.9%

Shares of Sonoco Products stock traded down $0.44 during trading on Friday, reaching $47.27. The company's stock had a trading volume of 415,968 shares, compared to its average volume of 849,168. Sonoco Products has a 52-week low of $39.46 and a 52-week high of $56.77. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 0.62 and a beta of 0.68. The firm's 50-day moving average is $45.58 and its two-hundred day moving average is $45.98. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products's revenue for the quarter was up 17.7% on a year-over-year basis. During the same period last year, the company posted $1.28 EPS. On average, sell-side analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Insider Buying and Selling at Sonoco Products

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

Institutional Trading of Sonoco Products

A number of large investors have recently made changes to their positions in SON. Cooper Creek Partners Management LLC bought a new stake in Sonoco Products during the fourth quarter valued at approximately $78,203,000. Norges Bank bought a new stake in Sonoco Products during the fourth quarter valued at approximately $60,984,000. Nordea Investment Management AB grew its position in Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company's stock valued at $122,914,000 after buying an additional 1,164,849 shares during the period. Millennium Management LLC grew its position in Sonoco Products by 739.7% during the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company's stock valued at $54,444,000 after buying an additional 1,015,250 shares during the period. Finally, Invenomic Capital Management LP grew its position in Sonoco Products by 368.6% during the fourth quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock valued at $32,555,000 after buying an additional 524,198 shares during the period. 77.69% of the stock is currently owned by institutional investors.

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.