Wells Fargo & Company upgraded shares of Sonoco Products (NYSE:SON - Free Report) from an underweight rating to an overweight rating in a research report released on Friday morning, MarketBeat Ratings reports. Wells Fargo & Company currently has $55.00 target price on the industrial products company's stock, up from their previous target price of $45.00.
SON has been the subject of several other reports. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective for the company. Raymond James lowered their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Finally, Truist Financial reduced their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Two investment 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $57.43.
View Our Latest Stock Analysis on SON
Sonoco Products Price Performance
Sonoco Products stock traded down $0.74 during midday trading on Friday, reaching $45.92. 167,179 shares of the stock traded hands, compared to its average volume of 777,056. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The stock's fifty day moving average is $44.97 and its 200-day moving average is $47.39. The stock has a market cap of $4.53 billion, a P/E ratio of 27.85, a PEG ratio of 0.76 and a beta of 0.68.
Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing analysts' consensus estimates of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the firm earned $1.12 earnings per share. The business's quarterly revenue was up 30.6% on a year-over-year basis. As a group, equities research analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.
Sonoco Products Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a $0.53 dividend. This is an increase from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a yield of 4.62%. Sonoco Products's payout ratio is 137.66%.
Insider Buying and Selling at Sonoco Products
In related news, CEO R. Howard Coker purchased 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The shares were acquired at an average price of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares of the company's stock, valued at $22,237,026.50. This trade represents a 4.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John R. Haley bought 3,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $46.76 per share, with a total value of $140,280.00. Following the purchase, the director now directly owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 50,721 shares of company stock valued at $2,206,646. 0.74% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Sonoco Products
A number of large investors have recently bought and sold shares of SON. Whittier Trust Co. of Nevada Inc. lifted its stake in Sonoco Products by 508.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock valued at $43,000 after acquiring an additional 752 shares during the period. UMB Bank n.a. lifted its holdings in shares of Sonoco Products by 152.7% in the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after buying an additional 574 shares during the period. Colonial Trust Co SC grew its stake in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares during the period. Quarry LP grew its position in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after buying an additional 511 shares during the period. Finally, Allworth Financial LP raised its position 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 acquiring an additional 646 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.
About Sonoco Products
(
Get Free Report)
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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