Sonoco Products (NYSE:SON) Coverage Initiated by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Sonoco Products (NYSE:SON) in a report published on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $63.00 price objective on the industrial products company’s stock.

Several other analysts have also recently issued reports on the company. Citigroup upped their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Robert W. Baird decreased their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Stock Down 0.5 %

SON stock opened at $51.65 on Tuesday. The business’s 50-day moving average price is $52.65 and its 200-day moving average price is $53.84. The stock has a market cap of $5.08 billion, a P/E ratio of 17.75, a PEG ratio of 2.09 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.46 EPS. On average, equities research analysts forecast that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new position in Sonoco Products during the 1st quarter valued at $122,000. Price T Rowe Associates Inc. MD increased its stake in Sonoco Products by 6.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,313 shares of the industrial products company’s stock worth $2,911,000 after buying an additional 3,036 shares during the period. Tidal Investments LLC lifted its holdings in Sonoco Products by 9.7% during the 1st quarter. Tidal Investments LLC now owns 17,573 shares of the industrial products company’s stock valued at $1,016,000 after buying an additional 1,561 shares in the last quarter. Atria Investments Inc purchased a new stake in Sonoco Products in the 1st quarter valued at about $1,626,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Sonoco Products by 3,413.0% in the first quarter. Cetera Investment Advisers now owns 130,788 shares of the industrial products company’s stock valued at $7,565,000 after purchasing an additional 127,065 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

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.