Truist Financial Cuts Sonoco Products (NYSE:SON) Price Target to $54.00

Sonoco Products (NYSE:SON - Get Free Report) had its price target dropped by Truist Financial from $60.00 to $54.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective indicates a potential upside of 17.34% from the stock's current price.

A number of other equities analysts have also recently issued reports on the stock. Bank of America increased their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday. They set a "buy" rating and a $62.00 price objective for the company. Citigroup cut their target price on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, January 6th. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $56.43.

Sonoco Products Trading Down 0.8 %

Shares of SON traded down $0.38 during trading hours on Tuesday, hitting $46.02. 63,919 shares of the stock were exchanged, compared to its average volume of 824,063. Sonoco Products has a fifty-two week low of $39.46 and a fifty-two week high of $61.73. The business has a 50-day moving average of $45.70 and a 200-day moving average of $48.59. The firm has a market capitalization of $4.54 billion, a P/E ratio of 27.89, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.

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

Insider Transactions at Sonoco Products

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

Institutional Trading of Sonoco Products

Hedge funds have recently added to or reduced their stakes in the stock. Cooper Creek Partners Management LLC purchased a new stake in shares of Sonoco Products during the 4th quarter worth approximately $78,203,000. Norges Bank purchased a new stake in Sonoco Products in the fourth quarter worth $60,984,000. Invenomic Capital Management LP raised its stake in shares of Sonoco Products by 368.6% in the fourth quarter. Invenomic Capital Management LP now owns 666,430 shares of the industrial products company's stock valued at $32,555,000 after buying an additional 524,198 shares during the period. Deprince Race & Zollo Inc. lifted its position in shares of Sonoco Products by 53.4% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock valued at $62,143,000 after buying an additional 442,892 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Sonoco Products by 63.2% during the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock worth $55,181,000 after acquiring an additional 437,128 shares during the period. 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.