Sonoco Products (NYSE:SON) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Sonoco Products (NYSE:SON) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $60.17.

A number of research firms recently issued reports on SON. Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company cut their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. Bank of America boosted their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Citigroup cut their price target 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. Finally, Truist Financial boosted their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, January 6th.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares in the company, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC increased its position in Sonoco Products by 111.6% during the third quarter. CWM LLC now owns 6,454 shares of the industrial products company’s stock worth $353,000 after acquiring an additional 3,404 shares during the period. Novare Capital Management LLC bought a new position in shares of Sonoco Products during the third quarter worth approximately $213,000. Creative Planning increased its holdings in shares of Sonoco Products by 4.3% during the third quarter. Creative Planning now owns 11,435 shares of the industrial products company’s stock worth $625,000 after purchasing an additional 473 shares during the period. B.O.S.S. Retirement Advisors LLC boosted its stake in shares of Sonoco Products by 8.7% in the third quarter. B.O.S.S. Retirement Advisors LLC now owns 22,191 shares of the industrial products company’s stock valued at $1,212,000 after buying an additional 1,784 shares during the period. Finally, Bfsg LLC acquired a new stake in Sonoco Products during the third quarter worth approximately $205,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.9 %

Shares of SON stock opened at $47.79 on Wednesday. The firm’s fifty day moving average price is $48.61 and its two-hundred day moving average price is $51.17. 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 has a 1 year low of $45.93 and a 1 year high of $61.73. The firm has a market capitalization of $4.70 billion, a P/E ratio of 16.42, a PEG ratio of 0.76 and a beta of 0.67.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.35%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio is presently 71.48%.

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.