Sonoco Products (NYSE:SON) Hits New 52-Week Low - Here's What Happened

Sonoco Products (NYSE:SON - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $44.10 and last traded at $43.87, with a volume of 28892 shares traded. The stock had previously closed at $45.97.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SON. Bank of America upped their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Truist Financial lowered their target price on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, February 21st. StockNews.com upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Citigroup lowered their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Wells Fargo & Company reduced their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Sonoco Products presently has an average rating of "Hold" and a consensus price target of $58.50.

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Sonoco Products Stock Up 4.2 %

The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm has a 50 day moving average of $46.67 and a two-hundred day moving average of $49.43. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64.

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

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were given a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.92%. Sonoco Products's dividend payout ratio is presently 126.06%.

Insider Activity

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

Institutional Investors Weigh In On Sonoco Products

Institutional investors have recently made changes to their positions in the stock. Quantinno Capital Management LP increased its position in Sonoco Products by 32.7% during the 3rd quarter. Quantinno Capital Management LP now owns 21,678 shares of the industrial products company's stock valued at $1,184,000 after purchasing an additional 5,338 shares during the period. Stifel Financial Corp boosted its stake in shares of Sonoco Products by 18.6% in the 3rd quarter. Stifel Financial Corp now owns 194,209 shares of the industrial products company's stock valued at $10,610,000 after purchasing an additional 30,500 shares during the last quarter. Jane Street Group LLC increased its position in shares of Sonoco Products by 312.1% during the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company's stock worth $10,126,000 after buying an additional 140,370 shares during the period. EP Wealth Advisors LLC raised its stake in Sonoco Products by 56.6% during the third quarter. EP Wealth Advisors LLC now owns 6,861 shares of the industrial products company's stock worth $375,000 after buying an additional 2,481 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Sonoco Products by 29.8% in the third quarter. Barclays PLC now owns 94,885 shares of the industrial products company's stock valued at $5,184,000 after buying an additional 21,799 shares during the period. 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.