Sonoco Products (NYSE:SON) Receives “Market Perform” Rating from Raymond James Financial

Raymond James Financial reiterated their market perform rating on shares of Sonoco Products (NYSE:SON) in a report released on Friday morning, MarketBeat.com reports.

SON has been the topic of several other reports. Truist Financial decreased their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, October 13th. UBS Group decreased their price target on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Wells Fargo & Company decreased their price target on shares of Sonoco Products from $55.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Citigroup decreased their price target on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, September 29th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.50.

Sonoco Products Price Performance

NYSE:SON opened at $40.01 on Friday. Sonoco Products has a one year low of $39.13 and a one year high of $53.69. The company has a market cap of $3.95 billion, a P/E ratio of 7.17, a P/E/G ratio of 0.66 and a beta of 0.68. The firm’s fifty day moving average price is $44.85 and its two-hundred day moving average price is $45.02. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The firm had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities analysts expect that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a yield of 5.3%. Sonoco Products’s dividend payout ratio is currently 37.99%.

Institutional Investors Weigh In On Sonoco Products

Several institutional investors and hedge funds have recently bought and sold shares of the company. Trust Co. of Toledo NA OH bought a new stake in Sonoco Products during the third quarter worth about $207,000. HBK Sorce Advisory LLC bought a new stake in Sonoco Products during the third quarter worth about $862,000. CWM LLC lifted its holdings in shares of Sonoco Products by 616.7% in the third quarter. CWM LLC now owns 67,952 shares of the industrial products company’s stock worth $2,928,000 after acquiring an additional 58,471 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Sonoco Products in the third quarter worth about $560,000. Finally, DAVENPORT & Co LLC bought a new position in shares of Sonoco Products in the third quarter worth about $443,000. 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.