Bank of America downgraded shares of Sonoco Products (NYSE:SON) from a neutral rating to an underperform rating in a research note released on Friday morning, BenzingaRatingsTable reports.
Other equities research analysts have also issued research reports about the company. Vertical Research lowered Sonoco Products from a hold rating to a sell rating in a research note on Tuesday, April 16th. Wells Fargo & Co set a $58.00 price target on Sonoco Products and gave the stock a hold rating in a research note on Monday, April 22nd. ValuEngine raised YY from a sell rating to a hold rating in a research note on Friday, June 7th. Argus raised Sonoco Products from a hold rating to a buy rating and set a $68.00 price target for the company in a research note on Wednesday, April 24th. Finally, KeyCorp reaffirmed a hold rating on shares of Sonoco Products in a research note on Sunday, April 21st. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Sonoco Products has a consensus rating of Hold and an average target price of $59.33.
Shares of SON stock opened at $64.43 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.91 and a current ratio of 1.36. The business’s 50-day moving average price is $64.77. Sonoco Products has a 12-month low of $50.30 and a 12-month high of $66.57. The company has a market capitalization of $6.52 billion, a price-to-earnings ratio of 19.12, a P/E/G ratio of 3.90 and a beta of 0.94.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.05. Sonoco Products had a return on equity of 19.57% and a net margin of 5.76%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Sonoco Products will post 3.58 earnings per share for the current fiscal year.
In related news, SVP R. Howard Coker sold 6,484 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $61.94, for a total transaction of $401,618.96. Following the transaction, the senior vice president now owns 215,108 shares in the company, valued at approximately $13,323,789.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total value of $50,547.00. Following the transaction, the vice president now owns 7,938 shares in the company, valued at approximately $494,140.50. The disclosure for this sale can be found here. In the last three months, insiders sold 12,381 shares of company stock valued at $758,537. 1.30% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in SON. Norges Bank purchased a new position in Sonoco Products during the 4th quarter valued at about $55,542,000. Rothschild & Co. Asset Management US Inc. purchased a new position in shares of Sonoco Products during the 1st quarter worth approximately $21,761,000. APG Asset Management N.V. purchased a new position in shares of Sonoco Products during the 4th quarter worth approximately $14,338,000. American Century Companies Inc. grew its holdings in shares of Sonoco Products by 7.8% during the 4th quarter. American Century Companies Inc. now owns 3,199,869 shares of the industrial products company’s stock worth $170,009,000 after acquiring an additional 232,148 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in shares of Sonoco Products by 52.8% during the 1st quarter. Wells Fargo & Company MN now owns 590,877 shares of the industrial products company’s stock worth $36,356,000 after acquiring an additional 204,062 shares during the period. Institutional investors own 73.87% of the company’s stock.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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