Sonoco Products (NYSE:SON) Upgraded to "Hold" at StockNews.com

StockNews.com upgraded shares of Sonoco Products (NYSE:SON - Free Report) from a sell rating to a hold rating in a research note released on Wednesday morning.

SON has been the topic of a number of other research reports. Bank of America raised their target price 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. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research report on Monday, February 24th. Truist Financial cut their price target on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Finally, Citigroup cut their price target on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $58.50.

Sonoco Products Price Performance

Shares of SON stock traded up $0.90 during trading hours on Wednesday, hitting $47.80. The company's stock had a trading volume of 652,987 shares, compared to its average volume of 820,334. Sonoco Products has a twelve month low of $44.35 and a twelve month high of $61.73. The business has a fifty day moving average of $47.59 and a 200-day moving average of $50.85. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of 28.97, a P/E/G ratio of 0.76 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

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

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products's dividend payout ratio is presently 126.06%.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now owns 16,065 shares of the company's stock, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John R. Haley purchased 3,000 shares of the company's stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System grew its holdings in Sonoco Products by 0.8% during the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after acquiring an additional 224 shares in the last quarter. IFP Advisors Inc grew its holdings in Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after acquiring an additional 243 shares in the last quarter. Wedmont Private Capital grew its holdings in Sonoco Products by 3.9% during the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company's stock worth $306,000 after acquiring an additional 247 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Sonoco Products by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after acquiring an additional 270 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in Sonoco Products by 6.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company's stock worth $230,000 after acquiring an additional 284 shares in the last quarter. Hedge funds and other 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.