Truist Financial Has Lowered Expectations for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective cut by investment analysts at Truist Financial from $68.00 to $60.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target indicates a potential upside of 27.89% from the stock’s previous close.

Several other research firms have also recently weighed in on SON. Citigroup dropped their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday, January 6th. Bank of America lifted their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company dropped their price target on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a report on Monday, January 6th. StockNews.com lowered Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Robert W. Baird lowered their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $58.83.

Sonoco Products Stock Performance

Shares of SON traded up $0.68 during mid-day trading on Friday, reaching $46.92. The company’s stock had a trading volume of 265,317 shares, compared to its average volume of 756,150. Sonoco Products has a 1-year low of $44.35 and a 1-year high of $61.73. The stock has a market cap of $4.61 billion, a P/E ratio of 28.40, a PEG ratio of 0.76 and a beta of 0.67. The business has a 50-day simple moving average of $48.22 and a two-hundred day simple moving average of $51.04. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. As a group, equities research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds and other institutional investors have recently modified their holdings of SON. Creative Planning increased its stake in shares of Sonoco Products by 4.3% in the 3rd quarter. Creative Planning now owns 11,435 shares of the industrial products company’s stock valued at $625,000 after purchasing an additional 473 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Sonoco Products by 18.1% during the 3rd quarter. Raymond James & Associates now owns 121,583 shares of the industrial products company’s stock valued at $6,642,000 after acquiring an additional 18,648 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Sonoco Products by 5,363.0% during the 3rd quarter. International Assets Investment Management LLC now owns 13,275 shares of the industrial products company’s stock valued at $725,000 after acquiring an additional 13,032 shares in the last quarter. Impact Partnership Wealth LLC boosted its holdings in shares of Sonoco Products by 7.7% during the 3rd quarter. Impact Partnership Wealth LLC now owns 4,506 shares of the industrial products company’s stock valued at $246,000 after acquiring an additional 323 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC acquired a new stake in shares of Sonoco Products during the 3rd quarter valued at $353,000. Institutional investors own 77.69% of the company’s stock.

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.