Sonoco Products (NYSE:SON) Reaches New 1-Year Low – Here’s Why

Sonoco Products (NYSE:SON)’s share price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $45.93 and last traded at $46.62, with a volume of 736783 shares changing hands. The stock had previously closed at $45.93.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SON. Citigroup dropped their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Truist Financial increased their price target on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Robert W. Baird cut their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Wells Fargo & Company decreased their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday, January 6th. One investment 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Up 1.5 %

The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The stock has a market capitalization of $4.58 billion, a P/E ratio of 16.02, a PEG ratio of 2.14 and a beta of 0.68. The stock’s fifty day moving average is $50.07 and its two-hundred day moving average is $51.67.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 19.92% and a net margin of 4.38%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. As a group, research analysts predict that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares in the company, valued at $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Sonoco Products

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

Sonoco Products Company Profile

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.