Sonoco Products (NYSE:SON - Get Free Report) saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 1,650,000 shares, a decrease of 31.0% from the September 15th total of 2,390,000 shares. Based on an average daily trading volume, of 708,200 shares, the days-to-cover ratio is currently 2.3 days. Approximately 1.7% of the company's stock are short sold.
Analysts Set New Price Targets
Several research firms have recently commented 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 research note on Wednesday, October 2nd. StockNews.com lowered Sonoco Products from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, July 3rd. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They set an "outperform" rating and a $62.00 price target on the stock. Finally, Wells Fargo & Company lowered Sonoco Products from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $59.00.
View Our Latest Analysis on Sonoco Products
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of SON. Speece Thorson Capital Group Inc. boosted its stake in Sonoco Products by 18.2% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company's stock valued at $14,863,000 after buying an additional 41,006 shares in the last quarter. Richardson Financial Services Inc. bought a new position in Sonoco Products during the fourth quarter valued at about $177,000. SageView Advisory Group LLC boosted its stake in Sonoco Products by 17.8% during the fourth quarter. SageView Advisory Group LLC now owns 13,088 shares of the industrial products company's stock valued at $765,000 after buying an additional 1,977 shares in the last quarter. Quadrature Capital Ltd bought a new position in Sonoco Products during the fourth quarter valued at about $969,000. Finally, Kapitalo Investimentos Ltda boosted its stake in Sonoco Products by 93.9% during the fourth quarter. Kapitalo Investimentos Ltda now owns 9,123 shares of the industrial products company's stock valued at $510,000 after buying an additional 4,417 shares in the last quarter. Institutional investors own 77.69% of the company's stock.
Sonoco Products Stock Performance
NYSE SON traded up $0.60 during trading hours on Friday, hitting $54.20. The company had a trading volume of 746,106 shares, compared to its average volume of 611,291. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $53.25 and a 200-day simple moving average of $55.01. The firm has a market cap of $5.33 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 2.08 and a beta of 0.68.
Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company earned $1.38 earnings per share. The firm's revenue for the quarter was down 4.8% on a year-over-year basis. Equities analysts predict that Sonoco Products will post 5.09 EPS for the current year.
Sonoco Products Announces Dividend
The firm also recently declared 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 of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 3.84%. Sonoco Products's payout ratio is 55.91%.
About Sonoco Products
(
Get Free Report)
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.
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