Sonoco Products (NYSE:SON) Shares Gap Down - Time to Sell?

Sonoco Products (NYSE:SON - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $52.52, but opened at $51.01. Sonoco Products shares last traded at $50.55, with a volume of 90,254 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SON shares. Citigroup raised their price target 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. Wells Fargo & Company cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Raymond James started coverage on Sonoco Products in a research note on Friday, July 19th. They set an "outperform" rating and a $62.00 price target on the stock. One research analyst has rated the stock with a sell rating and three 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 $59.00.

Sonoco Products Stock Performance

The company's fifty day moving average price is $54.08 and its two-hundred day moving average price is $54.61. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The firm has a market capitalization of $5.02 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 2.20 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.05. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.72 billion. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. As a group, equities analysts expect that Sonoco Products will post 5 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.07%. Sonoco Products's dividend payout ratio (DPR) is 55.91%.

Institutional Trading of Sonoco Products

A number of institutional investors have recently added to or reduced their stakes in SON. Richardson Financial Services Inc. raised its stake in shares of Sonoco Products by 5.7% during the first quarter. Richardson Financial Services Inc. now owns 3,345 shares of the industrial products company's stock valued at $193,000 after purchasing an additional 180 shares during the period. FinTrust Capital Advisors LLC boosted its position in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company's stock valued at $28,000 after buying an additional 216 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Sonoco Products by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company's stock worth $445,000 after acquiring an additional 237 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in shares of Sonoco Products by 13.9% in the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company's stock worth $130,000 after acquiring an additional 289 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Sonoco Products by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company's stock valued at $1,002,000 after purchasing an additional 298 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

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.