Raymond James Lowers Sonoco Products (NYSE:SON) Price Target to $50.00

Sonoco Products (NYSE:SON - Free Report) had its price target lowered by Raymond James from $54.00 to $50.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an outperform rating on the industrial products company's stock.

SON has been the topic of a number of other reports. Bank of America boosted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Citigroup dropped their price target on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Wells Fargo & Company cut their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a report on Monday, February 24th. Finally, Truist Financial cut their price objective on Sonoco Products from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products currently has an average rating of "Moderate Buy" and an average target price of $56.43.

Sonoco Products Stock Down 0.9 %

Shares of NYSE:SON traded down $0.42 during trading on Tuesday, hitting $45.99. The stock had a trading volume of 87,628 shares, compared to its average volume of 747,454. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm's fifty day moving average is $45.70 and its 200 day moving average is $48.59. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $61.73. The company has a market capitalization of $4.54 billion, a PE ratio of 27.86, a PEG ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.01). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.12 dividend on an annualized basis and a yield of 4.61%. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio is currently 128.48%.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 3,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average price of $46.76 per share, for a total transaction of $140,280.00. Following the completion of the transaction, the director now owns 18,558 shares in the company, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker purchased 20,000 shares of the business's stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the purchase, the chief executive officer now owns 482,365 shares of the company's stock, valued at $22,237,026.50. This trade represents a 4.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC raised its stake in shares of Sonoco Products by 29.8% in the 3rd quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock valued at $5,184,000 after purchasing an additional 21,799 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Sonoco Products during the third quarter valued at about $71,000. Tidal Investments LLC lifted its position in Sonoco Products by 36.0% in the third quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company's stock worth $1,417,000 after purchasing an additional 6,869 shares during the period. Franklin Resources Inc. grew its holdings in Sonoco Products by 110.4% during the third quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company's stock worth $4,018,000 after acquiring an additional 38,564 shares during the period. Finally, Trust Co of the South lifted its stake in Sonoco Products by 11.4% during the fourth quarter. Trust Co of the South now owns 16,248 shares of the industrial products company's stock valued at $794,000 after purchasing an additional 1,658 shares during the last quarter. 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.