Sonoco Products (NYSE:SON) Hits New 12-Month Low – Here’s What Happened

Sonoco Products (NYSE:SON)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $48.17 and last traded at $48.27, with a volume of 144539 shares trading hands. The stock had previously closed at $48.85.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Truist Financial began coverage on Sonoco Products in a research note on Tuesday, November 26th. They issued a “buy” rating and a $63.00 target price for the company. Citigroup boosted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Trading Down 1.7 %

The firm’s 50-day simple moving average is $50.89 and its 200-day simple moving average is $52.11. The firm has a market capitalization of $4.72 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

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

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date was Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Earnest Partners LLC raised its stake in Sonoco Products by 2.5% in the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after buying an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after acquiring an additional 261,062 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Sonoco Products by 2.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after purchasing an additional 50,577 shares during the period. Pacer Advisors Inc. boosted its position in shares of Sonoco Products by 13,464.6% during the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Sonoco Products by 2.3% in the third quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company’s stock worth $101,842,000 after purchasing an additional 42,701 shares during the period. Hedge funds and other 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.