Brokerages Set Sonoco Products (NYSE:SON) Target Price at $59.00

Sonoco Products (NYSE:SON - Get Free Report) has earned an average rating of "Hold" from the five ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $59.00.

Several equities research analysts have commented on the stock. Truist Financial began coverage on shares of Sonoco Products in a research report on Tuesday. They set a "buy" rating and a $63.00 price target on the stock. Wells Fargo & Company lowered Sonoco Products from an "equal weight" rating to an "underweight" rating and dropped their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird reduced their target price on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Finally, Citigroup boosted their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, October 2nd.

Sonoco Products Stock Up 1.2 %

SON stock traded up $0.61 during mid-day trading on Friday, hitting $51.92. 308,192 shares of the company were exchanged, compared to its average volume of 615,068. The firm has a market cap of $5.10 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.11 and a beta of 0.69. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The firm's 50 day simple moving average is $52.42 and its 200 day simple moving average is $53.75. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts' consensus estimates of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The business's revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts predict that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid 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 dividend yield of 4.01%. Sonoco Products's dividend payout ratio (DPR) is currently 71.48%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SON. Kennebec Savings Bank bought a new position in shares of Sonoco Products during the third quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Sonoco Products during the third quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new position in Sonoco Products during the 2nd quarter worth $50,000. Gradient Investments LLC acquired a new position in Sonoco Products in the 2nd quarter valued at $58,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Sonoco Products during the 3rd quarter valued at $71,000. 77.69% of the stock is owned by institutional investors and hedge funds.

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.