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

Sonoco Products (NYSE:SON)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $46.46 and last traded at $46.73, with a volume of 41834 shares trading hands. The stock had previously closed at $47.41.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Citigroup dropped their price objective on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday. Truist Financial increased their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company reduced their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday. Bank of America increased their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Robert W. Baird reduced their price target 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 research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Sonoco Products Stock Performance

The stock has a 50 day moving average of $50.25 and a 200 day moving average of $51.76. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of 15.91, a P/E/G ratio of 2.14 and a beta of 0.68.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were paid a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.49%. Sonoco Products’s payout ratio is 71.48%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Kennebec Savings Bank acquired a new position in Sonoco Products during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products during the third quarter worth $33,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products in the 2nd quarter valued at $50,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products during the 3rd quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 1,675 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

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.