Sonoco Products (NYSE:SON) Price Target Raised to $52.00

Sonoco Products (NYSE:SON) had its target price increased by Wells Fargo & Company from $50.00 to $52.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a research note on Friday, October 17th. Citigroup reduced their price objective on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, September 29th. Truist Financial reduced their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, Bank of America restated a “neutral” rating and set a $56.00 price objective on shares of Sonoco Products in a research note on Thursday, October 9th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Sonoco Products has an average rating of “Hold” and an average price target of $54.50.

Sonoco Products Price Performance

Shares of NYSE SON opened at $40.41 on Friday. The firm has a market cap of $3.99 billion, a PE ratio of 6.41, a PEG ratio of 0.68 and a beta of 0.68. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. Sonoco Products has a 1-year low of $39.13 and a 1-year high of $53.69. The company has a fifty day moving average price of $44.36 and a 200 day moving average price of $44.97.

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. The firm had revenue of $1.35 billion during the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Monday, November 10th. Sonoco Products’s dividend payout ratio is currently 33.65%.

Institutional Investors Weigh In On Sonoco Products

A number of institutional investors and hedge funds have recently modified their holdings of SON. ST Germain D J Co. Inc. bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $26,000. TD Waterhouse Canada Inc. bought a new stake in shares of Sonoco Products in the 2nd quarter valued at about $30,000. True Wealth Design LLC raised its holdings in shares of Sonoco Products by 172.5% in the 3rd quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 471 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Sonoco Products by 508.1% in 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 purchasing an additional 752 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of 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 purchasing an additional 646 shares during the period. 77.69% of the stock is 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.