Truist Financial Cuts Sonoco Products (NYSE:SON) Price Target to $60.00

Sonoco Products (NYSE:SON) had its target price decreased by Truist Financial from $68.00 to $60.00 in a report released on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

A number of other equities analysts also recently issued reports on SON. Bank of America lifted 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, January 6th. Wells Fargo & Company cut their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Citigroup reduced their target price on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $58.83.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $46.88 on Friday. Sonoco Products has a twelve month low of $44.35 and a twelve month high of $61.73. The stock’s 50 day moving average is $48.12 and its 200-day moving average is $51.02. 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 market capitalization of $4.61 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 0.76 and a beta of 0.67.

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

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.44%. Sonoco Products’s payout ratio is 126.06%.

Insider Buying and Selling at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the transaction, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. This represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sonoco Products

Several large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its position in Sonoco Products by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock worth $1,393,000 after purchasing an additional 224 shares during the period. IFP Advisors Inc lifted its stake in shares of Sonoco Products by 3.6% during the 4th quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company’s stock valued at $346,000 after buying an additional 243 shares in the last quarter. Wedmont Private Capital boosted its holdings in Sonoco Products by 3.9% in the 4th quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock worth $306,000 after buying an additional 247 shares during the period. Treasurer of the State of North Carolina grew its stake in Sonoco Products by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company’s stock valued at $2,103,000 after buying an additional 270 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised 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 valued at $230,000 after acquiring an additional 284 shares during the period. 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.