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

Stock analysts at Truist Financial started coverage on shares of Sonoco Products (NYSE:SON - Get Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $63.00 price target on the industrial products company's stock. Truist Financial's price target points to a potential upside of 21.72% from the stock's previous close.

Other equities analysts have also issued reports about the stock. Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. 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. Finally, Robert W. Baird reduced their price objective on 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 research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and an average price target of $59.00.

Sonoco Products Price Performance

NYSE:SON traded down $0.16 during trading hours on Tuesday, reaching $51.76. 357,846 shares of the company were exchanged, compared to its average volume of 615,388. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The firm has a market cap of $5.09 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 2.09 and a beta of 0.69. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The stock's 50-day moving average is $52.65 and its 200-day moving average is $53.84.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share 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 business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter last year, the business posted $1.46 earnings per share. The business's quarterly revenue was down 2.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Several large investors have recently modified their holdings of SON. AQR Capital Management LLC lifted its position in Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company's stock valued at $28,179,000 after buying an additional 248,236 shares during the last quarter. Atria Investments Inc acquired a new position in shares of Sonoco Products in the 1st quarter worth approximately $1,626,000. Canada Pension Plan Investment Board acquired a new position in shares of Sonoco Products in the 2nd quarter worth approximately $2,419,000. Oak Thistle LLC boosted its position in shares of Sonoco Products by 368.2% during the 2nd quarter. Oak Thistle LLC now owns 20,321 shares of the industrial products company's stock worth $1,031,000 after purchasing an additional 15,981 shares during the period. Finally, Versor Investments LP acquired a new stake in Sonoco Products in the 3rd quarter valued at approximately $970,000. Institutional investors and hedge funds own 77.69% of the company's stock.

About Sonoco Products

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.