Bank of America Upgrades Sonoco Products (NYSE:SON) to “Buy”

Sonoco Products (NYSE:SON) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Monday, MarketBeat reports. The firm presently has a $60.00 price target on the industrial products company’s stock, up from their previous price target of $56.00. Bank of America‘s target price suggests a potential upside of 29.25% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. UBS Group cut their price target on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Monday, October 6th. Wells Fargo & Company raised their target price on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Truist Financial decreased their price target on 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, Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $54.57.

Sonoco Products Price Performance

Sonoco Products stock opened at $46.42 on Monday. The stock has a 50-day moving average price of $41.88 and a two-hundred day moving average price of $43.85. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $50.09. The company has a market capitalization of $4.58 billion, a PE ratio of 7.37, a P/E/G ratio of 0.79 and a beta of 0.55. 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 (NYSE:SON) last released its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The company had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Insider Buying and Selling at Sonoco Products

In related news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were bought at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the transaction, the director directly owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. The trade was a 12.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were bought at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the purchase, the chief financial officer owned 20,500 shares of the company’s stock, valued at $809,750. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SON. ST Germain D J Co. Inc. acquired a new position in Sonoco Products during the 2nd quarter worth approximately $26,000. Cornerstone Planning Group LLC bought a new stake in Sonoco Products during the 3rd quarter valued at $29,000. TD Waterhouse Canada Inc. bought a new position in shares of Sonoco Products in the second quarter valued at $30,000. True Wealth Design LLC grew its holdings in shares of Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after buying an additional 471 shares during the last quarter. Finally, Ameriflex Group Inc. increased its position in shares of Sonoco Products by 1,263.6% during the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 834 shares in the last quarter. 77.69% of the stock is 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.