Citigroup Cuts Sonoco Products (NYSE:SON) Price Target to $55.00

Sonoco Products (NYSE:SON - Get Free Report) had its price objective lowered by investment analysts at Citigroup from $59.00 to $55.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Citigroup's price target suggests a potential upside of 16.48% from the stock's previous close.

SON has been the subject of a number of other reports. Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a report on Monday, November 4th. Truist Financial raised their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a "buy" rating in a research note on Monday. Wells Fargo & Company lowered their price objective on Sonoco Products from $52.00 to $50.00 and set an "underweight" rating on the stock in a research note on Monday. Finally, Bank of America boosted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products currently has an average rating of "Moderate Buy" and a consensus price target of $60.17.

Sonoco Products Stock Performance

Shares of NYSE SON traded down $0.73 during trading hours on Monday, hitting $47.22. 1,153,325 shares of the company's stock were exchanged, compared to its average volume of 850,775. The stock has a market capitalization of $4.64 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.14 and a beta of 0.68. The company's 50-day moving average price is $50.56 and its 200-day moving average price is $51.88. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a 1-year low of $47.18 and a 1-year high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period in the prior year, the business earned $1.46 earnings per share. Sonoco Products's revenue for the quarter was down 2.0% compared to the same quarter last year. On average, sell-side analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB boosted its position in Sonoco Products by 63.2% in the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company's stock valued at $55,181,000 after buying an additional 437,128 shares during the last quarter. GAMMA Investing LLC increased its position in Sonoco Products by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company's stock worth $154,000 after purchasing an additional 798 shares during the period. Trust Co of the South raised its holdings in Sonoco Products by 11.4% during the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company's stock worth $794,000 after purchasing an additional 1,658 shares during the last quarter. Franklin Resources Inc. lifted its position in Sonoco Products by 110.4% during the 3rd quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company's stock valued at $4,018,000 after purchasing an additional 38,564 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of Sonoco Products by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company's stock valued at $1,417,000 after purchasing an additional 6,869 shares during the last quarter. Institutional investors 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.