Sonoco Products (NYSE:SON) Receives $60.17 Consensus Price Target from Analysts

Sonoco Products (NYSE:SON) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $60.17.

Several research firms have recently commented on SON. Bank of America raised their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Citigroup decreased 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. Truist Financial lifted their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Wells Fargo & Company cut their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th.

Sonoco Products Trading Down 0.9 %

SON opened at $47.79 on Wednesday. Sonoco Products has a 52 week low of $45.93 and a 52 week high of $61.73. The business has a fifty day simple moving average of $48.61 and a 200-day simple moving average of $51.20. The firm has a market cap of $4.70 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.35%. The ex-dividend date is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction that occurred 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 sale, the director now owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sonoco Products

A number of institutional investors have recently added to or reduced their stakes in the business. Gallagher Fiduciary Advisors LLC boosted its holdings in Sonoco Products by 36.8% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 15,972 shares of the industrial products company’s stock valued at $780,000 after purchasing an additional 4,297 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in shares of Sonoco Products by 4.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,419 shares of the industrial products company’s stock worth $460,000 after acquiring an additional 368 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Sonoco Products during the 4th quarter worth approximately $601,000. Comerica Bank boosted its stake in shares of Sonoco Products by 5.4% during the 4th quarter. Comerica Bank now owns 42,858 shares of the industrial products company’s stock worth $2,094,000 after acquiring an additional 2,186 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Sonoco Products by 49.3% during the 4th quarter. AQR Capital Management LLC now owns 886,332 shares of the industrial products company’s stock worth $43,262,000 after acquiring an additional 292,772 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

About Sonoco Products

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.