Sonoco Products (NYSE:SON) Price Target Cut to $57.00

Sonoco Products (NYSE:SON – Get Rating) had its price target dropped by analysts at Deutsche Bank Aktiengesellschaft from $61.00 to $57.00 in a note issued to investors on Wednesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 2.81% from the stock’s current price.

SON has been the topic of a number of other reports. Citigroup cut their price target on Sonoco Products from $71.00 to $69.00 and set a “buy” rating on the stock in a research note on Monday, February 13th. Argus upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Tuesday, February 14th. They noted that the move was a valuation call. Finally, StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, February 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has a consensus rating of “Hold” and an average target price of $65.17.

Sonoco Products Stock Up 0.5 %

Shares of NYSE SON opened at $55.44 on Wednesday. The stock has a market cap of $5.42 billion, a P/E ratio of 11.75, a PEG ratio of 1.96 and a beta of 0.70. The company has a current ratio of 1.35, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31. Sonoco Products has a 12-month low of $51.52 and a 12-month high of $67.06. The business’s fifty day simple moving average is $59.58 and its 200-day simple moving average is $60.09.

Sonoco Products (NYSE:SON – Get Rating) last announced its quarterly earnings data on Thursday, February 9th. The industrial products company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.02. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Sonoco Products had a return on equity of 32.53% and a net margin of 6.43%. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. As a group, equities analysts predict that Sonoco Products will post 5.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert R. Hill, Jr. acquired 10,000 shares of the company’s stock in a transaction on Monday, March 13th. The shares were bought at an average price of $56.00 per share, with a total value of $560,000.00. Following the completion of the acquisition, the director now owns 20,065 shares in the company, valued at approximately $1,123,640. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Robert R. Hill, Jr. purchased 10,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average price of $56.00 per share, with a total value of $560,000.00. Following the completion of the acquisition, the director now directly owns 20,065 shares in the company, valued at approximately $1,123,640. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ernest D. Haynes III sold 1,834 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.00, for a total value of $110,040.00. Following the transaction, the insider now directly owns 1,729 shares in the company, valued at approximately $103,740. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,458 shares of company stock valued at $207,291. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently made changes to their positions in SON. State Street Corp boosted its holdings in Sonoco Products by 13.4% in the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock valued at $515,546,000 after purchasing an additional 972,157 shares in the last quarter. Norges Bank acquired a new position in shares of Sonoco Products during the 4th quarter worth approximately $53,429,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Sonoco Products in the 1st quarter worth approximately $51,618,000. BlackRock Inc. grew its stake in Sonoco Products by 3.4% in the 1st quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock worth $687,633,000 after acquiring an additional 362,516 shares during the period. Finally, First Trust Advisors LP grew its stake in Sonoco Products by 30.9% in the 4th quarter. First Trust Advisors LP now owns 1,533,215 shares of the industrial products company’s stock worth $93,081,000 after acquiring an additional 361,715 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Sonoco Products Company Profile

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Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.