Wells Fargo & Company Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective reduced by analysts at Wells Fargo & Company from $52.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 5.44% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial upped their target price on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday. Finally, Robert W. Baird dropped their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Price Performance

Shares of NYSE SON opened at $47.42 on Monday. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 2.14 and a beta of 0.68. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. Sonoco Products has a fifty-two week low of $47.18 and a fifty-two week high of $61.73. The firm’s 50-day simple moving average is $50.46 and its 200 day simple moving average is $51.82.

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

Hedge Funds Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently bought and sold shares of SON. AQR Capital Management LLC lifted its position in shares of Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after buying an additional 248,236 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Sonoco Products in the 2nd quarter valued at about $2,419,000. Versor Investments LP purchased a new stake in Sonoco Products during the third quarter valued at about $970,000. Jane Street Group LLC boosted its position in Sonoco Products by 312.1% during the third quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. Finally, Speece Thorson Capital Group Inc. increased its stake in shares of Sonoco Products by 18.6% in the third quarter. Speece Thorson Capital Group Inc. now owns 305,971 shares of the industrial products company’s stock worth $16,715,000 after purchasing an additional 47,928 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

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.