Sonoco Products (NYSE:SON) Price Target Lowered to $55.00 at Citigroup

Sonoco Products (NYSE:SON) had its target price trimmed by Citigroup from $59.00 to $55.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other equities research analysts have also issued research reports about the company. Bank of America upped their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday. Truist Financial boosted their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. Finally, Robert W. Baird reduced their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Price Performance

Sonoco Products stock opened at $47.22 on Monday. The firm has a market cap of $4.64 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. The stock’s 50 day moving average is $50.56 and its 200 day moving average is $51.88. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a one year low of $47.18 and a one year high of $61.73.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.40%. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SON. Kennebec Savings Bank bought a new position in Sonoco Products in the 3rd quarter valued at about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products in the third quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products in the second quarter valued at approximately $50,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products during the third quarter valued at approximately $71,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings 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 worth $95,000 after buying an additional 1,675 shares in the last quarter. 77.69% of the stock is currently 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.