Sonoco Products (NYSE:SON) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Sonoco Products (NYSE:SON) from a sell rating to a hold rating in a research note released on Wednesday morning.

Other equities research analysts have also issued research reports about the stock. Raymond James cut their price target on shares of Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company reduced their price target on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Truist Financial lowered 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. Finally, Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $56.43.

Sonoco Products Price Performance

NYSE SON opened at $44.20 on Wednesday. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The firm has a market capitalization of $4.36 billion, a PE ratio of 26.79, a P/E/G ratio of 0.76 and a beta of 0.68. The company’s 50 day simple moving average is $45.29 and its 200 day simple moving average is $48.03. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $2.02 billion. During the same period in the prior year, the firm earned $1.12 EPS. The business’s revenue for the quarter was up 30.6% on a year-over-year basis. As a group, equities research analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a $0.53 dividend. This is a boost from Sonoco Products’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.80%. Sonoco Products’s dividend payout ratio is currently 137.66%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 2,246 shares of Sonoco Products stock in a transaction on Friday, May 2nd. The shares were bought at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director now owns 20,804 shares in the company, valued at $927,234.28. This trade represents a 12.10 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO R. Howard Coker acquired 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the acquisition, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. The trade was a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety 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 Inflows and Outflows

Several institutional investors have recently bought and sold shares of SON. Whittier Trust Co. of Nevada Inc. boosted its stake in Sonoco Products by 508.1% in the first 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 last quarter. UMB Bank n.a. lifted its stake in Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 574 shares during the last quarter. Colonial Trust Co SC raised its holdings in shares of Sonoco Products by 90.6% in the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares during the period. Quarry LP raised its stake in Sonoco Products by 111.3% in 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 stake in Sonoco Products by 152.0% in the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 646 shares during the period. Institutional investors own 77.69% of the company’s stock.

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.