Wells Fargo & Company Lowers Sonoco Products (NYSE:SON) Price Target to $56.00

Sonoco Products (NYSE:SON) had its price target dropped by stock analysts at Wells Fargo & Company from $60.00 to $56.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 9.38% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Zacks Research raised shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Truist Financial reiterated a “buy” rating and issued a $69.00 target price (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Finally, Citigroup upped their price target on shares of Sonoco Products from $52.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Sonoco Products currently has an average rating of “Hold” and an average target price of $62.13.

Sonoco Products Stock Performance

SON stock traded down $0.61 during midday trading on Friday, reaching $51.20. 109,286 shares of the company’s stock traded hands, compared to its average volume of 999,624. The firm has a market capitalization of $5.06 billion, a PE ratio of 5.09, a price-to-earnings-growth ratio of 1.05 and a beta of 0.51. The company has a 50-day moving average price of $51.83 and a two-hundred day moving average price of $45.90. Sonoco Products has a 52 week low of $38.65 and a 52 week high of $58.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 29.7% compared to the same quarter last year. As a group, equities analysts anticipate that Sonoco Products will post 6.1 EPS for the current year.

Insider Buying and Selling at Sonoco Products

In other news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction on Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the completion of the sale, the insider directly owned 9,377 shares of the company’s stock, valued at approximately $528,769.03. The trade was a 14.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Powell Investment Advisors LLC boosted its stake in shares of Sonoco Products by 1.0% in the 4th quarter. Powell Investment Advisors LLC now owns 20,718 shares of the industrial products company’s stock valued at $904,000 after purchasing an additional 203 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Sonoco Products by 8.6% during the 4th quarter. IFP Advisors Inc now owns 2,996 shares of the industrial products company’s stock valued at $131,000 after purchasing an additional 237 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 258 shares during the period. CIBC Private Wealth Group LLC lifted its stake in Sonoco Products by 5.3% in the third quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock worth $259,000 after purchasing an additional 304 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its position in Sonoco Products by 2.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 12,742 shares of the industrial products company’s stock valued at $549,000 after buying an additional 345 shares during the period. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

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.