Sonoco Products (NYSE:SON) Price Target Raised to $54.00

Sonoco Products (NYSE:SON) had its price objective hoisted by analysts at Truist Financial from $53.00 to $54.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective indicates a potential upside of 18.03% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Raymond James Financial set a $60.00 price target on shares of Sonoco Products in a research report on Monday. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and increased their price target for the stock from $56.00 to $60.00 in a research report on Monday. UBS Group lowered their target price on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Finally, Zacks Research cut Sonoco Products from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $54.57.

Sonoco Products Price Performance

Shares of SON stock traded up $0.11 during trading hours on Tuesday, hitting $45.75. The company had a trading volume of 84,839 shares, compared to its average volume of 655,991. The firm’s fifty day moving average is $41.75 and its 200 day moving average is $43.83. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $50.09. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 7.27, a PEG ratio of 0.77 and a beta of 0.55. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business 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, sell-side analysts predict that Sonoco Products will post 6.1 EPS for the current fiscal year.

Insider Transactions at Sonoco Products

In related news, Director John R. Haley purchased 2,506 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the purchase, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This trade represents a 12.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Paul Joachimczyk purchased 20,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were acquired at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the purchase, the chief financial officer directly owned 20,500 shares in the company, valued at $809,750. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP boosted its stake in Sonoco Products by 70.9% in the third quarter. Allworth Financial LP now owns 2,005 shares of the industrial products company’s stock worth $86,000 after buying an additional 832 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Sonoco Products by 5.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock valued at $259,000 after acquiring an additional 304 shares during the period. CIBC Bancorp USA Inc. bought a new position in Sonoco Products during the 3rd quarter worth approximately $259,000. Captrust Financial Advisors grew its holdings in shares of Sonoco Products by 53.2% in the third quarter. Captrust Financial Advisors now owns 36,380 shares of the industrial products company’s stock worth $1,568,000 after purchasing an additional 12,627 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Sonoco Products during the 3rd quarter valued at about $56,000. 77.69% of the stock is currently owned by institutional investors.

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.