Sonoco Products (NYSE:SON) Price Target Raised to $63.00 at Citigroup

Sonoco Products (NYSE:SON - Free Report) had its target price raised by Citigroup from $62.00 to $63.00 in a report issued on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the industrial products company's stock.

A number of other equities analysts also recently issued reports on SON. StockNews.com downgraded shares of Sonoco Products from a strong-buy rating to a buy rating in a report on Wednesday, July 3rd. Raymond James initiated coverage on shares of Sonoco Products in a research report on Friday, July 19th. They set an outperform rating and a $62.00 price objective for the company. Finally, Wells Fargo & Company lowered Sonoco Products from an equal weight rating to an underweight rating and reduced their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products presently has an average rating of Moderate Buy and an average price target of $59.00.

Sonoco Products Stock Performance

Shares of SON traded down $0.69 during mid-day trading on Wednesday, hitting $53.63. 368,629 shares of the company traded hands, compared to its average volume of 616,586. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 2.10 and a beta of 0.68. The stock has a 50-day moving average price of $53.11 and a two-hundred day moving average price of $55.17. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business earned $1.38 EPS. The company's quarterly revenue was down 4.8% compared to the same quarter last year. Equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.88%. Sonoco Products's dividend payout ratio (DPR) is presently 52.53%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rise Advisors LLC bought a new stake in Sonoco Products during the first quarter valued at about $26,000. FinTrust Capital Advisors LLC raised its stake in Sonoco Products by 78.8% during the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 216 shares in the last quarter. TFO Wealth Partners LLC raised its position in shares of Sonoco Products by 12,183.3% during the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company's stock valued at $41,000 after buying an additional 731 shares in the last quarter. Parallel Advisors LLC grew its position in Sonoco Products by 154.6% in the fourth quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company's stock worth $49,000 after acquiring an additional 535 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Sonoco Products during the first quarter worth approximately $50,000. 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.