Sonoco Products (NYSE:SON) Given New $63.00 Price Target at Citigroup

Sonoco Products (NYSE:SON) had its price objective raised by research analysts at Citigroup from $62.00 to $63.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 17.49% from the stock’s current price.

Several other analysts have also issued reports on the stock. StockNews.com lowered shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Raymond James assumed coverage on shares of Sonoco Products in a research report on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Price Performance

SON stock traded down $0.70 during trading on Wednesday, hitting $53.62. 368,630 shares of the stock traded hands, compared to its average volume of 615,700. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 2.10 and a beta of 0.68. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The company has a 50 day simple moving average of $53.07 and a 200 day simple moving average of $55.18.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. The firm had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.38 earnings per share. Equities analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds have recently made changes to their positions in SON. Quadrature Capital Ltd bought a new position in shares of Sonoco Products in the fourth quarter worth approximately $969,000. Speece Thorson Capital Group Inc. raised its holdings in Sonoco Products by 18.2% in the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company’s stock worth $14,863,000 after purchasing an additional 41,006 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Sonoco Products by 6.9% during the first quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock valued at $78,890,000 after acquiring an additional 88,407 shares in the last quarter. Invenomic Capital Management LP increased its holdings in shares of Sonoco Products by 49.7% during the fourth quarter. Invenomic Capital Management LP now owns 97,813 shares of the industrial products company’s stock valued at $5,465,000 after acquiring an additional 32,460 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Sonoco Products by 49.3% during the first quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock valued at $7,171,000 after acquiring an additional 40,927 shares in the last quarter. 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.