Sonoco Products (NYSE:SON) Stock Price Target Cut by Truist Financial

Sonoco Products (NYSE:SON) had its target price lowered by stock analysts at Truist Financial from $62.00 to $59.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial‘s target price suggests a potential upside of 17.58% from the stock’s current price.

SON has been the subject of several other reports. Weiss Ratings lowered Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, September 11th. Bank of America cut shares of Sonoco Products from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $69.00 to $60.00 in a research report on Thursday, September 3rd. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday. UBS Group cut their price target on shares of Sonoco Products from $61.00 to $51.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Finally, Citigroup boosted their price objective on shares of Sonoco Products from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Four analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.56.

Sonoco Products Price Performance

Shares of NYSE:SON traded down $0.09 during midday trading on Friday, hitting $50.18. 1,004,653 shares of the stock were exchanged, compared to its average volume of 1,167,339. The stock has a market cap of $4.96 billion, a P/E ratio of 7.99, a PEG ratio of 1.44 and a beta of 0.35. The company has a current ratio of 0.99, a quick ratio of 0.55 and a debt-to-equity ratio of 0.97. Sonoco Products has a twelve month low of $38.65 and a twelve month high of $60.67. The company has a 50 day moving average price of $51.52 and a 200-day moving average price of $52.55.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $1.67 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.07). Sonoco Products had a negative net margin of 3.08% and a positive return on equity of 15.51%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the company earned $1.92 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, research analysts forecast that Sonoco Products will post 5.64 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Sonoco Products in the second quarter worth about $657,016,000. Bank of America Corp DE purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at about $204,968,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Sonoco Products during the 2nd quarter valued at about $1,567,000. Public Employees Retirement System of Ohio acquired a new position in Sonoco Products during the 2nd quarter worth approximately $6,004,000. Finally, Legal & General Group Plc acquired a new position in Sonoco Products during the 2nd quarter worth approximately $8,329,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

About Sonoco Products

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.