Sonoco Products (NYSE:SON) Lowered to “Buy” at StockNews.com

StockNews.com downgraded shares of Sonoco Products (NYSE:SON) from a strong-buy rating to a buy rating in a research note published on Wednesday.

A number of other analysts have also commented on the company. Wells Fargo & Company increased their price objective on Sonoco Products from $56.00 to $57.00 and gave the company an equal weight rating in a research note on Friday, May 3rd. Citigroup decreased their price target on shares of Sonoco Products from $66.00 to $65.00 and set a buy rating on the stock in a research note on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Sonoco Products has a consensus rating of Moderate Buy and a consensus price target of $63.33.

Sonoco Products Stock Performance

Shares of SON opened at $49.57 on Wednesday. The company has a 50-day moving average of $57.61 and a two-hundred day moving average of $57.16. The stock has a market cap of $4.87 billion, a P/E ratio of 12.52, a PEG ratio of 1.97 and a beta of 0.69. Sonoco Products has a 12-month low of $49.10 and a 12-month high of $61.73. The company has a current ratio of 1.31, a quick ratio of 0.83 and a debt-to-equity ratio of 1.08.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the firm posted $1.40 EPS. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. As a group, research analysts predict that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were paid a $0.52 dividend. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.20%. The ex-dividend date was Thursday, May 9th. Sonoco Products’s dividend payout ratio is presently 52.53%.

Institutional Trading of Sonoco Products

A number of hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new position in shares of Sonoco Products during the 1st quarter worth about $26,000. Bruce G. Allen Investments LLC purchased a new position in Sonoco Products during the fourth quarter worth approximately $28,000. FinTrust Capital Advisors LLC boosted its holdings in shares of Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 216 shares during the last quarter. Burkett Financial Services LLC purchased a new stake in shares of Sonoco Products during the 4th quarter valued at $30,000. Finally, TFO Wealth Partners LLC increased its holdings in shares of Sonoco Products by 12,183.3% during the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock worth $41,000 after buying an additional 731 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

About Sonoco Products

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.