Truist Financial Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Key Points

• Truist Financial trimmed its price target on Sonoco from $69 to $68 but maintained a "buy" rating, with that target implying roughly a 24.55% upside from the current price.
• Analysts are mixed—five Buy and six Hold ratings—resulting in a MarketBeat consensus target of $61.78, while Sonoco traded around $54.60 on Wednesday.
• Sonoco beat the quarter with $1.05 EPS (vs. $1.01 est.) and $1.77B in revenue, up 29.7% year-over-year, reflecting solid near-term operating performance.

Sonoco Products (NYSE:SON - Get Free Report) had its price objective dropped by stock analysts at Truist Financial from $69.00 to $68.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Truist Financial's price target points to a potential upside of 24.55% from the stock's current price.

A number of other analysts also recently issued reports on the stock. Weiss Ratings restated a "hold (c-)" rating on shares of Sonoco Products in a report on Wednesday, January 21st. Citigroup raised their price objective on shares of Sonoco Products from $52.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. Wall Street Zen upgraded shares of Sonoco Products from a "hold" rating to a "buy" rating in a report on Saturday, February 7th. Bank of America upgraded shares of Sonoco Products from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Sonoco Products in a research report on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $61.78.

Sonoco Products Stock Down 0.5%

SON traded down $0.26 during trading on Wednesday, hitting $54.60. 280,155 shares of the company's stock were exchanged, compared to its average volume of 970,546. 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 business's 50 day moving average is $53.92 and its two-hundred day moving average is $46.89. Sonoco Products has a fifty-two week low of $38.65 and a fifty-two week high of $58.44. The stock has a market cap of $5.40 billion, a P/E ratio of 5.41, a PEG ratio of 1.10 and a beta of 0.50.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the company posted $1.17 earnings per share. The firm's revenue for the quarter was up 29.7% on a year-over-year basis. As a group, equities analysts expect that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Transactions at Sonoco Products

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the company's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the transaction, the insider owned 9,377 shares in the company, valued at approximately $528,769.03. This represents a 14.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hsbc Holdings PLC increased its holdings in Sonoco Products by 5.2% in the 4th quarter. Hsbc Holdings PLC now owns 6,073 shares of the industrial products company's stock worth $265,000 after acquiring an additional 299 shares in the last quarter. Anchor Investment Management LLC increased its holdings in Sonoco Products by 1.1% in the 4th quarter. Anchor Investment Management LLC now owns 42,332 shares of the industrial products company's stock worth $1,847,000 after acquiring an additional 453 shares in the last quarter. Invesco Ltd. increased its holdings in Sonoco Products by 13.5% in the 4th quarter. Invesco Ltd. now owns 1,498,703 shares of the industrial products company's stock worth $65,403,000 after acquiring an additional 178,638 shares in the last quarter. Ameriflex Group Inc. increased its holdings in Sonoco Products by 82.1% in the 4th quarter. Ameriflex Group Inc. now owns 1,639 shares of the industrial products company's stock worth $72,000 after acquiring an additional 739 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Sonoco Products by 22.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 34,582 shares of the industrial products company's stock worth $1,509,000 after acquiring an additional 6,345 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

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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