Sonoco Products (NYSE:SON) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Sonoco Products (NYSE:SON) from a buy rating to a hold rating in a research report report published on Thursday.

SON has been the topic of several other reports. Bank of America increased their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Truist Financial increased their price objective on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Wells Fargo & Company reduced their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. Finally, Citigroup cut their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.17.

Sonoco Products Trading Down 0.4 %

Shares of NYSE:SON opened at $46.18 on Thursday. The company has a 50-day simple moving average of $48.22 and a 200 day simple moving average of $51.04. The company has a market capitalization of $4.54 billion, a P/E ratio of 27.99, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.91 and a current ratio of 0.79. Sonoco Products has a 52-week low of $44.35 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share 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 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 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently declared 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. This represents a $2.08 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is presently 126.06%.

Insider Buying and Selling

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

Institutional Trading of Sonoco Products

Institutional investors and hedge funds have recently made changes to their positions in the company. Kennebec Savings Bank acquired a new position in Sonoco Products during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products in the 3rd quarter valued at $33,000. Colonial Trust Co SC raised its holdings in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after buying an additional 453 shares in the last quarter. Quarry LP lifted its position in shares of Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after buying an additional 511 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in Sonoco Products by 650.7% in the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after buying an additional 950 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

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.