BMO Capital Markets cut shares of Sonoco Products (NYSE:SON) from a market perform rating to an underperform rating in a research note published on Monday morning, BenzingaRatingsTable reports. They currently have $56.00 target price on the industrial products company’s stock, down from their prior target price of $60.00.
Other equities analysts have also recently issued reports about the stock. KeyCorp restated a hold rating on shares of Sonoco Products in a report on Sunday, April 21st. Vertical Research cut shares of Sonoco Products from a hold rating to a sell rating in a report on Tuesday, April 16th. Wells Fargo & Co set a $58.00 price target on shares of Sonoco Products and gave the company a hold rating in a report on Monday, April 22nd. Goldman Sachs Group cut shares of Metcash from a conviction-buy rating to a neutral rating in a report on Monday, June 24th. Finally, Bank of America set a $80.00 price target on shares of Colgate-Palmolive and gave the company a buy rating in a report on Friday, July 12th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $58.86.
NYSE SON opened at $63.76 on Monday. Sonoco Products has a twelve month low of $50.30 and a twelve month high of $66.57. 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 stock has a market cap of $6.42 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 3.83 and a beta of 0.94. The business’s 50 day moving average price is $64.84.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.05. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the company posted $0.74 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts expect that Sonoco Products will post 3.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 2.70%. Sonoco Products’s dividend payout ratio is currently 51.04%.
In related news, SVP Rodger D. Fuller sold 5,085 shares of Sonoco Products stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $60.25, for a total value of $306,371.25. Following the completion of the sale, the senior vice president now owns 72,978 shares of the company’s stock, valued at approximately $4,396,924.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP R. Howard Coker sold 6,484 shares of Sonoco Products stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total transaction of $401,618.96. Following the completion of the sale, the senior vice president now directly owns 215,108 shares of the company’s stock, valued at approximately $13,323,789.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,381 shares of company stock worth $758,537. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its position in Sonoco Products by 102.4% during the 1st quarter. Parallel Advisors LLC now owns 755 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 382 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in Sonoco Products by 54.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 339 shares during the last quarter. Blue Sky Asset Management LLC acquired a new position in Sonoco Products during the 1st quarter worth $78,000. Country Trust Bank acquired a new position in Sonoco Products during the 2nd quarter worth $79,000. Finally, NN Investment Partners Holdings N.V. acquired a new position in Sonoco Products during the 2nd quarter worth $157,000. 73.87% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Company Profile
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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