Truist Financial Begins Coverage on Sonoco Products (NYSE:SON)

Investment analysts at Truist Financial initiated coverage on shares of Sonoco Products (NYSE:SON) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $63.00 price target on the industrial products company’s stock. Truist Financial’s price target would suggest a potential upside of 22.76% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Citigroup lifted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. Finally, Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Down 0.6 %

Shares of NYSE SON opened at $51.32 on Tuesday. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73. The stock’s fifty day simple moving average is $52.57 and its two-hundred day simple moving average is $53.78. The stock has a market capitalization of $5.04 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69. 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 issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the business posted $1.46 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, analysts expect that Sonoco Products will post 5.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Sonoco Products

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kennebec Savings Bank acquired a new position in shares of Sonoco Products in the 3rd quarter valued at $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products in the third quarter valued at about $33,000. Abich Financial Wealth Management LLC acquired a new position in shares of Sonoco Products in the second quarter valued at about $50,000. Gradient Investments LLC purchased a new position in shares of Sonoco Products in the second quarter worth about $58,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products during the third quarter worth about $71,000. 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.