Sonoco Products Company (NYSE:SON) Receives $61.89 Average Price Target from Analysts

Shares of Sonoco Products Company (NYSE:SON) have been given an average rating of “Hold” by the eleven ratings firms that are presently covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $61.7778.

A number of research firms have recently weighed in on SON. Deutsche Bank Aktiengesellschaft began coverage on Sonoco Products in a report on Wednesday, April 1st. They issued a “buy” rating and a $63.00 target price on the stock. UBS Group dropped their target price on Sonoco Products from $62.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, April 10th. Robert W. Baird raised their target price on Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, February 18th. Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and raised their target price for the company from $56.00 to $60.00 in a report on Monday, January 5th. Finally, Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th.

Sonoco Products Stock Up 4.0%

SON stock opened at $57.47 on Monday. Sonoco Products has a twelve month low of $38.65 and a twelve month high of $58.44. 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 stock’s 50 day moving average is $54.20 and its 200-day moving average is $47.11. The firm has a market capitalization of $5.68 billion, a PE ratio of 5.71, a P/E/G ratio of 1.10 and a beta of 0.50.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $1.17 earnings per share. The company’s revenue for the quarter was up 29.7% on a year-over-year basis. Sell-side analysts expect that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 8th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, May 8th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.8%. Sonoco Products’s dividend payout ratio (DPR) is 21.05%.

Insider Activity at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the completion of the sale, the insider directly owned 9,377 shares of the company’s stock, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.98% of the company’s stock.

Institutional Trading of Sonoco Products

A number of institutional investors and hedge funds have recently modified their holdings of the business. Savant Capital LLC grew its position in shares of Sonoco Products by 415.0% in the third quarter. Savant Capital LLC now owns 37,875 shares of the industrial products company’s stock valued at $1,632,000 after purchasing an additional 30,520 shares in the last quarter. Allen Wealth Management LLC purchased a new position in shares of Sonoco Products in the third quarter valued at $1,489,000. AlphaQuest LLC grew its position in shares of Sonoco Products by 1,237.0% in the third quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock valued at $1,038,000 after purchasing an additional 22,278 shares in the last quarter. Voya Investment Management LLC grew its position in shares of Sonoco Products by 329.3% in the third quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after purchasing an additional 38,653 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Sonoco Products in the third quarter valued at $560,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Company Profile

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.