Sonoco Products (NYSE:SON) Price Target Raised to $68.00

Sonoco Products (NYSE:SON) had its target price raised by stock analysts at Truist Financial from $63.00 to $68.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would suggest a potential upside of 41.81% from the stock’s previous close.

A number of other brokerages have also recently issued reports on SON. Citigroup increased their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Robert W. Baird cut their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.00.

Sonoco Products Stock Down 0.1 %

SON stock opened at $47.95 on Monday. The company has a market capitalization of $4.71 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. 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 business’s 50 day moving average price is $50.68 and its two-hundred day moving average price is $51.95. Sonoco Products has a fifty-two week low of $47.68 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the company posted $1.46 EPS. Sonoco Products’s revenue was down 2.0% on a year-over-year basis. As a group, analysts forecast that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products in the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Sonoco Products during the third quarter worth $33,000. Abich Financial Wealth Management LLC bought a new stake in Sonoco Products during the 2nd quarter valued at $50,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products in the 3rd quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after purchasing an additional 1,675 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

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.