Sonoco Products (NYSE:SON) Cut to Neutral at Bank of America

Bank of America lowered shares of Sonoco Products (NYSE:SON) from a buy rating to a neutral rating in a report issued on Thursday, MarketBeat reports. Bank of America currently has $60.00 price target on the industrial products company’s stock, down from their prior price target of $69.00.

Several other research firms have also recently issued reports on SON. Citigroup raised their price objective on Sonoco Products from $63.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings upgraded Sonoco Products from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 26th. Finally, Truist Financial increased their target price on Sonoco Products from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of “Hold” and a consensus target price of $60.78.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $51.95 on Thursday. The company has a 50-day simple moving average of $56.58 and a 200-day simple moving average of $53.76. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.55. The company has a market cap of $5.14 billion, a PE ratio of 8.26, a price-to-earnings-growth ratio of 1.21 and a beta of 0.36. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $60.67.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.88 billion. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.37 earnings per share. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. On average, equities analysts anticipate that Sonoco Products will post 5.78 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.54 per share. The ex-dividend date is Monday, August 10th. This represents a $2.16 annualized dividend and a yield of 4.2%. Sonoco Products’s dividend payout ratio is currently 34.34%.

Institutional Investors Weigh In On Sonoco Products

Several large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Sonoco Products by 44.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock valued at $2,319,000 after buying an additional 15,079 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Sonoco Products by 80.8% in the first quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock valued at $9,755,000 after acquiring an additional 92,286 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Sonoco Products by 14.1% during the first quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock valued at $522,000 after purchasing an additional 1,364 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Sonoco Products by 87.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after purchasing an additional 255,055 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Sonoco Products by 315.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 1,205 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

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.