Sonoco Products (NYSE:SON) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of Sonoco Products (NYSE:SON) in a report released on Tuesday, Marketbeat reports. The firm issued a buy rating and a $63.00 price target on the industrial products company’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Robert W. Baird reduced their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Citigroup lifted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Performance

NYSE SON opened at $51.92 on Tuesday. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm has a market capitalization of $5.10 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 2.11 and a beta of 0.69. The stock’s fifty day moving average is $52.42 and its two-hundred day moving average is $53.75. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 71.48%.

Institutional Investors Weigh In On Sonoco Products

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 bought a new position in Sonoco Products during the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new stake in shares of Sonoco Products in the 2nd quarter worth approximately $50,000. Gradient Investments LLC acquired a new stake in Sonoco Products in the second quarter worth $58,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Sonoco Products in the 3rd quarter valued at about $71,000. 77.69% of the stock is currently 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.