Sonoco Products (NYSE:SON) Price Target Cut to $55.00 by Analysts at Robert W. Baird

Sonoco Products (NYSE:SON) had its price target decreased by Robert W. Baird from $58.00 to $55.00 in a research report report published on Monday,Benzinga reports. Robert W. Baird currently has a neutral rating on the industrial products company’s stock.

Several other brokerages have also weighed in on SON. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Citigroup boosted 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, Raymond James initiated coverage on shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Hold” and an average price target of $58.00.

Sonoco Products Stock Down 0.5 %

Shares of SON stock opened at $51.11 on Monday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The stock’s 50-day simple moving average is $53.76 and its 200-day simple moving average is $54.42. The firm has a market capitalization of $5.02 billion, a PE ratio of 17.56, a P/E/G ratio of 2.09 and a beta of 0.69.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $1.46 EPS. Equities analysts expect that Sonoco Products will post 5.08 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.07%. Sonoco Products’s dividend payout ratio (DPR) is 71.48%.

Hedge Funds Weigh In On Sonoco Products

Several large investors have recently made changes to their positions in SON. Quest Partners LLC lifted its position in shares of Sonoco Products by 179.4% during the third quarter. Quest Partners LLC now owns 57,467 shares of the industrial products company’s stock worth $3,139,000 after purchasing an additional 36,900 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Sonoco Products by 305.5% during the third quarter. Thrivent Financial for Lutherans now owns 97,024 shares of the industrial products company’s stock worth $5,300,000 after purchasing an additional 73,099 shares during the last quarter. GoalVest Advisory LLC increased its position in shares of Sonoco Products by 8.4% during the third quarter. GoalVest Advisory LLC now owns 20,885 shares of the industrial products company’s stock worth $1,141,000 after purchasing an additional 1,624 shares in the last quarter. RIA Advisory Group LLC purchased a new stake in shares of Sonoco Products in the 3rd quarter valued at about $257,000. Finally, Natixis Advisors LLC boosted its position in shares of Sonoco Products by 25.9% in the 3rd quarter. Natixis Advisors LLC now owns 166,881 shares of the industrial products company’s stock valued at $9,117,000 after purchasing an additional 34,382 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.