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

Sonoco Products Company (NYSE:SON) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $50.32 and last traded at $50.2950, with a volume of 38269 shares changing hands. The stock had previously closed at $49.01.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and lifted their target price for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price (down previously from $52.00) on shares of Sonoco Products in a research report on Tuesday, January 6th. Raymond James Financial set a $60.00 target price on shares of Sonoco Products in a research note on Monday, January 5th. Finally, Jefferies Financial Group dropped their price target on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $54.86.

Sonoco Products Stock Performance

The stock has a market capitalization of $5.07 billion, a PE ratio of 8.16, a P/E/G ratio of 0.79 and a beta of 0.54. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92. The firm’s 50 day moving average is $45.49 and its two-hundred day moving average is $44.35.

Institutional Investors Weigh In On Sonoco Products

Large investors have recently bought and sold shares of the stock. LSV Asset Management raised its position in Sonoco Products by 95.7% in the 4th quarter. LSV Asset Management now owns 1,563,390 shares of the industrial products company’s stock valued at $68,226,000 after purchasing an additional 764,590 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Sonoco Products by 3.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 199,927 shares of the industrial products company’s stock worth $8,725,000 after buying an additional 6,982 shares during the period. FourThought Financial Partners LLC acquired a new stake in Sonoco Products in the fourth quarter valued at approximately $333,000. Global Retirement Partners LLC lifted its stake in Sonoco Products by 764.2% in the fourth quarter. Global Retirement Partners LLC now owns 3,794 shares of the industrial products company’s stock worth $166,000 after acquiring an additional 3,355 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in Sonoco Products by 8.6% in the fourth quarter. IFP Advisors Inc now owns 2,996 shares of the industrial products company’s stock worth $131,000 after acquiring an additional 237 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.