Sonoco Products Co (NYSE:SON) has been assigned a consensus recommendation of “Hold” from the eleven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $60.33.
SON has been the subject of a number of analyst reports. Robert W. Baird reduced their price target on Sonoco Products from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Vertical Group upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Vertical Research upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. KeyCorp reiterated a “hold” rating on shares of Sonoco Products in a research report on Thursday, July 18th. Finally, BMO Capital Markets upgraded Sonoco Products from an “underperform” rating to a “market perform” rating and set a $56.00 price target for the company in a research report on Friday, October 18th.
Several institutional investors have recently made changes to their positions in SON. APG Asset Management N.V. lifted its holdings in shares of Sonoco Products by 79.4% in the second quarter. APG Asset Management N.V. now owns 1,960,200 shares of the industrial products company’s stock valued at $112,469,000 after buying an additional 867,400 shares during the period. Invesco Ltd. lifted its holdings in shares of Sonoco Products by 12.1% during the second quarter. Invesco Ltd. now owns 4,275,629 shares of the industrial products company’s stock valued at $279,369,000 after purchasing an additional 460,426 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Sonoco Products during the second quarter valued at $16,280,000. BlackRock Inc. lifted its holdings in shares of Sonoco Products by 1.8% during the second quarter. BlackRock Inc. now owns 11,511,630 shares of the industrial products company’s stock valued at $752,172,000 after purchasing an additional 203,903 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Sonoco Products by 30.6% during the second quarter. Wells Fargo & Company MN now owns 771,886 shares of the industrial products company’s stock valued at $50,435,000 after purchasing an additional 181,009 shares during the last quarter. Institutional investors and hedge funds own 73.74% of the company’s stock.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 17th. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.06. Sonoco Products had a return on equity of 20.08% and a net margin of 5.99%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the firm posted $0.86 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. As a group, sell-side analysts expect that Sonoco Products will post 3.54 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.72 annualized dividend and a dividend yield of 2.91%. Sonoco Products’s dividend payout ratio (DPR) is 51.04%.
Sonoco Products Company Profile
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
Featured Article: How do CD ladders protect against rising interest rates?
Receive News & Ratings for Sonoco Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonoco Products and related companies with MarketBeat.com's FREE daily email newsletter.