Zacks Investment Research Upgrades Sonoco Products (SON) to Buy

Zacks Investment Research upgraded shares of Sonoco Products (NYSE:SON) from a hold rating to a buy rating in a research note released on Monday, February 5th. Zacks Investment Research currently has $59.00 price objective on the industrial products company’s stock.

According to Zacks, “For 2017, Sonoco's earnings per share guidance range is at $2.75-$2.81, the mid-point of which reflects year-over-year growth of 2.2%. Sonoco estimates that its adjusted earnings per share for 2018 will be in the range of $3.00-$3.10. The company remains committed to executing its ‘Grow and Optimize’ strategy, which is focused on targeted growth of Consumer Packaging and Protective Solutions businesses along with optimizing Industrial-focused businesses. The acquisitions of Clear Lam Packaging and Peninsula Packaging significantly expand Sonoco’s flexible packaging and thermoforming plastics capabilities. Additionally, it remains focused on accelerating organic growth by introducing new commercial products, improving manufacturing productivity and gaining market share.”

Several other equities analysts have also recently issued reports on SON. Robert W. Baird reiterated a buy rating and set a $60.00 price target on shares of Sonoco Products in a research report on Friday, November 10th. Barclays upgraded Sonoco Products from an underweight rating to an equal weight rating and lifted their price target for the company from $49.00 to $55.00 in a research report on Friday, December 15th. Finally, KeyCorp restated a hold rating on shares of Sonoco Products in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $53.43.

Shares of Sonoco Products (SON) opened at $50.19 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59. The firm has a market capitalization of $5,001.85, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 3.45 and a beta of 1.12. Sonoco Products has a 12 month low of $47.10 and a 12 month high of $55.77.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Personal Financial Services boosted its position in Sonoco Products by 235.7% during the fourth quarter. First Personal Financial Services now owns 2,182 shares of the industrial products company’s stock valued at $116,000 after purchasing an additional 1,532 shares during the last quarter. Ffcm LLC acquired a new stake in shares of Sonoco Products in the third quarter worth about $113,000. Financial Gravity Companies Inc. acquired a new stake in shares of Sonoco Products in the fourth quarter worth about $176,000. Howland Capital Management LLC acquired a new stake in shares of Sonoco Products in the fourth quarter worth about $201,000. Finally, Dividend Assets Capital LLC acquired a new stake in shares of Sonoco Products in the fourth quarter worth about $203,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

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About Sonoco Products

Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.

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