Brokerages Set Sonoco Products Company (NYSE:SON) Target Price at $54.50

Shares of Sonoco Products Company (NYSE:SON) have received a consensus rating of “Hold” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $54.50.

A number of brokerages have commented on SON. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. UBS Group lowered their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Citigroup lowered their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, September 29th. Wells Fargo & Company lowered their price target on Sonoco Products from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, October 15th. Finally, Truist Financial lowered their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, October 13th.

Sonoco Products Stock Up 1.0%

Shares of SON stock opened at $41.57 on Monday. Sonoco Products has a 1-year low of $39.13 and a 1-year high of $53.69. The stock’s fifty day moving average price is $44.57 and its 200 day moving average price is $44.93. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 7.45, a price-to-earnings-growth ratio of 0.68 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The firm had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. On average, research analysts expect that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Monday, November 10th. Sonoco Products’s payout ratio is 37.99%.

Hedge Funds Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Sonoco Products by 0.3% in the 2nd quarter. State Street Corp now owns 4,470,449 shares of the industrial products company’s stock valued at $194,733,000 after buying an additional 13,161 shares during the period. Dimensional Fund Advisors LP raised its holdings in 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 purchasing an additional 450,792 shares during the period. Nordea Investment Management AB raised its holdings in Sonoco Products by 70.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after purchasing an additional 1,164,849 shares during the period. Bank of America Corp DE raised its holdings in Sonoco Products by 6.1% in the 2nd quarter. Bank of America Corp DE now owns 2,804,621 shares of the industrial products company’s stock worth $122,169,000 after purchasing an additional 162,262 shares during the period. Finally, Earnest Partners LLC raised its holdings in 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 purchasing an additional 60,746 shares during the period. Institutional investors and hedge funds 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.