Citigroup Cuts Sonoco Products (NYSE:SON) Price Target to $55.00

Sonoco Products (NYSE:SON) had its price target reduced by Citigroup from $59.00 to $55.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other research firms also recently issued reports on SON. Truist Financial raised their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday. Bank of America increased their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday. Finally, Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $47.24 on Monday. Sonoco Products has a 1-year low of $46.46 and a 1-year high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The business has a 50-day moving average price of $50.36 and a two-hundred day moving average price of $51.79. The company has a market cap of $4.64 billion, a P/E ratio of 16.23, a PEG ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced 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 net margin of 4.38% and a return on equity of 19.92%. Sonoco Products’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.46 EPS. As a group, analysts anticipate that Sonoco Products will post 5.09 EPS 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 paid a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Trading of Sonoco Products

Hedge funds and other institutional investors have recently modified their holdings of the company. TD Asset Management Inc grew its stake in Sonoco Products by 2.0% during the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 300 shares in the last quarter. Arizona State Retirement System boosted its stake in Sonoco Products by 2.2% during the second quarter. Arizona State Retirement System now owns 27,506 shares of the industrial products company’s stock valued at $1,395,000 after buying an additional 586 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Sonoco Products in the 2nd quarter worth approximately $200,000. Chesapeake Capital Corp IL purchased a new stake in shares of Sonoco Products during the 2nd quarter worth approximately $325,000. Finally, Headlands Technologies LLC boosted its position in shares of Sonoco Products by 2,086.0% during the 2nd quarter. Headlands Technologies LLC now owns 5,924 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 5,653 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other 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.