Sonoco Products (NYSE:SON) Now Covered by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Sonoco Products (NYSE:SON) in a report published on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $63.00 price objective on the industrial products company’s stock.

A number of other brokerages also recently issued reports on SON. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Citigroup upped their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Robert W. Baird lowered their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Price Performance

NYSE SON opened at $51.65 on Tuesday. The company has a market cap of $5.08 billion, a PE ratio of 17.75, a P/E/G ratio of 2.09 and a beta of 0.69. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm’s 50 day moving average price is $52.65 and its 200-day moving average price is $53.84.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the company posted $1.46 EPS. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. Sell-side analysts forecast that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.03%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Investors Weigh In On Sonoco Products

A number of large investors have recently made changes to their positions in SON. Mercer Global Advisors Inc. ADV lifted its position in Sonoco Products by 2.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after acquiring an additional 237 shares during the period. Creative Financial Designs Inc. ADV lifted its holdings in shares of Sonoco Products by 13.9% during the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 289 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Sonoco Products by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock valued at $1,002,000 after buying an additional 298 shares during the last quarter. TD Asset Management Inc increased its holdings in Sonoco Products by 2.0% in the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after buying an additional 300 shares during the period. Finally, Curi RMB Capital LLC raised its position in Sonoco Products by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after buying an additional 304 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other 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.