Truist Financial Issues Positive Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective raised by stock analysts at Truist Financial from $63.00 to $68.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price indicates a potential upside of 43.40% from the company’s previous close.

A number of other brokerages also recently issued reports on SON. Citigroup increased their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Robert W. Baird reduced their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Stock Up 0.4 %

SON opened at $47.42 on Monday. The stock’s fifty day simple moving average is $50.46 and its 200 day simple moving average is $51.82. Sonoco Products has a 1-year low of $47.18 and a 1-year high of $61.73. The stock has a market cap of $4.66 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 2.14 and a beta of 0.68. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, research analysts expect that Sonoco Products will post 5.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after purchasing an additional 248,236 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Sonoco Products during the second quarter worth $2,419,000. Versor Investments LP bought a new position in shares of Sonoco Products in the 3rd quarter valued at $970,000. Jane Street Group LLC boosted its holdings in shares of Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock valued at $10,126,000 after acquiring an additional 140,370 shares in the last quarter. Finally, Speece Thorson Capital Group Inc. grew its position in Sonoco Products by 18.6% during the 3rd quarter. Speece Thorson Capital Group Inc. now owns 305,971 shares of the industrial products company’s stock worth $16,715,000 after acquiring an additional 47,928 shares during 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.