Wells Fargo & Company Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price target lowered by Wells Fargo & Company from $52.00 to $50.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the industrial products company’s stock.

SON has been the subject of several other reports. Citigroup upped their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Robert W. Baird decreased their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Truist Financial lifted their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Sonoco Products has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Stock Down 1.5 %

Shares of Sonoco Products stock opened at $47.22 on Monday. Sonoco Products has a twelve month low of $47.18 and a twelve month high of $61.73. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The company has a fifty day moving average price of $50.56 and a 200 day moving average price of $51.88.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. Equities research analysts forecast that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products’s payout ratio is 71.48%.

Institutional Investors Weigh In On Sonoco Products

Institutional investors have recently made changes to their positions in the company. Earnest Partners LLC lifted its holdings in Sonoco Products by 2.5% in the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after acquiring an additional 64,915 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares during the last quarter. Pacer Advisors Inc. boosted its position in Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares during the period. Geode Capital Management LLC grew its stake in Sonoco Products by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after buying an additional 42,701 shares during the last quarter. Finally, Sei Investments Co. increased its position in Sonoco Products by 9.3% in the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after buying an additional 126,643 shares during the period. 77.69% of the stock is currently owned by institutional investors.

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.