Sonoco Products (NYSE:SON) Price Target Raised to $68.00 at Truist Financial

Sonoco Products (NYSE:SON - Free Report) had its price objective lifted by Truist Financial from $63.00 to $68.00 in a research report report published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company's stock.

Several other research firms have also weighed in on SON. Citigroup lifted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Robert W. Baird dropped their price target on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.17.

Sonoco Products Trading Down 1.5 %

Shares of SON stock traded down $0.73 on Monday, hitting $47.22. The company had a trading volume of 1,153,325 shares, compared to its average volume of 850,775. Sonoco Products has a twelve month low of $47.18 and a twelve month high of $61.73. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm has a market cap of $4.64 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. The stock's 50-day moving average is $50.56 and its two-hundred day moving average is $51.88.

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 (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the business earned $1.46 EPS. The company's revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products's dividend payout ratio is currently 71.48%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB raised its holdings in shares of 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 worth $55,181,000 after acquiring an additional 437,128 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Sonoco Products by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 3,158 shares of the industrial products company's stock valued at $154,000 after purchasing an additional 798 shares in the last quarter. Trust Co of the South raised its position in Sonoco Products by 11.4% in the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company's stock valued at $794,000 after buying an additional 1,658 shares during the last quarter. Franklin Resources Inc. boosted its holdings 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 worth $4,018,000 after acquiring an additional 38,564 shares during the last quarter. Finally, Tidal Investments LLC grew 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 worth $1,417,000 after acquiring an additional 6,869 shares in the last quarter. 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.