Wells Fargo & Company Lowers Sonoco Products (NYSE:SON) Price Target to $48.00

Sonoco Products (NYSE:SON - Get Free Report) had its target price dropped by analysts at Wells Fargo & Company from $50.00 to $48.00 in a report issued on Monday,Benzinga reports. The firm presently has an "underweight" rating on the industrial products company's stock. Wells Fargo & Company's target price suggests a potential upside of 3.08% from the stock's previous close.

Several other brokerages also recently weighed in on SON. Citigroup dropped their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Robert W. Baird dropped their target price 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. Bank of America raised 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 price objective on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, StockNews.com lowered shares of Sonoco Products from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of "Hold" and a consensus target price of $58.50.

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Sonoco Products Price Performance

SON stock traded down $0.31 during mid-day trading on Monday, hitting $46.57. The stock had a trading volume of 595,588 shares, compared to its average volume of 798,121. The firm has a fifty day simple moving average of $47.84 and a 200 day simple moving average of $50.95. The firm has a market capitalization of $4.58 billion, a P/E ratio of 28.22, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. Sonoco Products has a 52 week low of $44.35 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data 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 net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. As a group, research analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Insider Buying and Selling

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm's 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 completion of the transaction, the director now owns 16,065 shares of the company's stock, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.51% of the stock is owned by corporate insiders.

Institutional Trading of Sonoco Products

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Sonoco Products by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock valued at $543,638,000 after buying an additional 120,843 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock worth $153,411,000 after acquiring an additional 136,965 shares during the period. Earnest Partners LLC boosted its holdings in Sonoco Products by 0.4% in the fourth quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock valued at $126,746,000 after acquiring an additional 10,661 shares during the last quarter. Geode Capital Management LLC increased its position in Sonoco Products by 2.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company's stock valued at $101,842,000 after purchasing an additional 42,701 shares during the period. Finally, Cooper Creek Partners Management LLC bought a new position in Sonoco Products during the 4th quarter worth approximately $78,203,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

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.