Wells Fargo & Company Cuts Sonoco Products (NYSE:SON) Price Target to $50.00

Sonoco Products (NYSE:SON) had its target price dropped by analysts at Wells Fargo & Company from $52.00 to $50.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 3.01% from the company’s current price.

A number of other analysts have also issued reports on SON. Citigroup increased their target price on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Truist Financial increased their price objective on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Sonoco Products Stock Up 1.2 %

NYSE SON traded up $0.59 during trading hours on Monday, reaching $48.54. 139,770 shares of the company traded hands, compared to its average volume of 503,583. The stock has a market capitalization of $4.77 billion, a PE ratio of 16.68, a PEG ratio of 2.14 and a beta of 0.68. The company has a 50 day moving average of $50.68 and a two-hundred day moving average of $51.95. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. Sonoco Products has a 12 month low of $47.68 and a 12 month 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 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 last year, the company posted $1.46 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, equities analysts expect that Sonoco Products will post 5.09 earnings per share for the current year.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently bought and sold shares of the business. Earnest Partners LLC raised its stake in Sonoco Products by 2.5% during the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after acquiring an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Sonoco Products by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares during the last quarter. Geode Capital Management LLC boosted its position in Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock valued at $101,842,000 after buying an additional 42,701 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Sonoco Products by 9.3% during the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after buying an additional 126,643 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

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.