Wells Fargo & Company Cuts Sonoco Products (NYSE:SON) Price Target to $50.00

Sonoco Products (NYSE:SON) had its target price lowered by Wells Fargo & Company from $52.00 to $50.00 in a report released on Monday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the industrial products company’s stock.

A number of other research analysts have also recently weighed in on the stock. Robert W. Baird dropped their price objective 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. Citigroup upped their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial lifted their target price on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Down 0.4 %

Shares of NYSE SON opened at $47.24 on Monday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The business’s 50 day moving average is $50.36 and its two-hundred day moving average is $51.79. Sonoco Products has a 52-week low of $46.46 and a 52-week high of $61.73. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. The firm 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 company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 EPS. Research analysts predict that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently made changes to their positions in SON. Kennebec Savings Bank acquired a new stake in Sonoco Products during the third quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in Sonoco Products during the 3rd quarter worth $33,000. Abich Financial Wealth Management LLC acquired a new position in Sonoco Products in the second quarter valued at $50,000. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products in the third quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after purchasing an additional 1,675 shares during the last quarter. Institutional investors and hedge funds 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.