Sonoco Products (NYSE:SON) Given New $63.00 Price Target at Citigroup

Sonoco Products (NYSE:SON) had its target price reduced by Citigroup from $70.00 to $63.00 in a research report released on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

SON has been the subject of a number of other research reports. Truist Financial reduced their price objective on Sonoco Products from $69.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. UBS Group reduced their price objective on Sonoco Products from $62.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a report on Friday, March 6th. Finally, Wells Fargo & Company cut their target price on Sonoco Products from $60.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday, March 20th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $60.44.

Sonoco Products Price Performance

SON opened at $49.23 on Thursday. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 4.83, a PEG ratio of 0.95 and a beta of 0.50. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $58.44. The company has a current ratio of 0.96, a quick ratio of 0.60 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $54.32 and a 200 day moving average price of $47.37.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.37). The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.88 billion. Sonoco Products had a net margin of 13.57% and a return on equity of 16.50%. Sonoco Products’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 EPS. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Analysts forecast that Sonoco Products will post 5.9 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Friday, May 8th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 4.4%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, May 8th. Sonoco Products’s dividend payout ratio is 20.78%.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the transaction, the insider directly owned 9,377 shares in the company, valued at $528,769.03. This trade represents a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sonoco Products

Several institutional investors have recently bought and sold shares of SON. SBI Securities Co. Ltd. raised its holdings in Sonoco Products by 77.7% during the fourth quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after buying an additional 258 shares in the last quarter. Cornerstone Planning Group LLC bought a new position in shares of Sonoco Products in the third quarter worth about $29,000. LRI Investments LLC bought a new position in shares of Sonoco Products in the fourth quarter worth about $29,000. True Wealth Design LLC increased its stake in shares of Sonoco Products by 172.5% in the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 471 shares during the period. Finally, Ameriflex Group Inc. increased its stake in shares of Sonoco Products by 1,263.6% in the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 834 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.