Sonoco Products (NYSE:SON) Price Target Raised to $54.00

Sonoco Products (NYSE:SON) had its price target lifted by research analysts at Truist Financial from $53.00 to $54.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price suggests a potential upside of 18.03% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Raymond James Financial set a $60.00 target price on shares of Sonoco Products in a research report on Monday. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $60.00 in a report on Monday. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price target (down from $52.00) on shares of Sonoco Products in a research note on Tuesday. UBS Group lowered their price objective 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. Finally, Citigroup cut their price objective on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, September 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.57.

Sonoco Products Stock Up 0.2%

SON traded up $0.11 during midday trading on Tuesday, reaching $45.75. The company’s stock had a trading volume of 84,839 shares, compared to its average volume of 655,991. The stock’s 50-day moving average is $41.75 and its 200-day moving average is $43.83. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $50.09. The firm has a market capitalization of $4.51 billion, a price-to-earnings ratio of 7.27, a PEG ratio of 0.77 and a beta of 0.55. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. The firm had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, research analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Insider Activity at Sonoco Products

In related news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the transaction, the director owned 23,310 shares in the company, valued at $929,369.70. The trade was a 12.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Paul Joachimczyk purchased 20,500 shares of Sonoco Products stock in a transaction on Wednesday, October 29th. The stock was bought at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the acquisition, the chief financial officer owned 20,500 shares in the company, valued at $809,750. The trade was a ? increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Sonoco Products

Several institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Sonoco Products by 357.8% during the 3rd quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company’s stock valued at $90,693,000 after acquiring an additional 1,654,576 shares during the last quarter. Norges Bank bought a new position in Sonoco Products during the second quarter valued at $53,618,000. Nordea Investment Management AB grew its stake in shares of Sonoco Products by 70.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after buying an additional 1,164,849 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Sonoco Products by 739.7% in the 1st quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after buying an additional 1,015,250 shares during the last quarter. Finally, LSV Asset Management raised its position in shares of Sonoco Products by 105.6% during the 3rd quarter. LSV Asset Management now owns 798,800 shares of the industrial products company’s stock valued at $34,420,000 after buying an additional 410,200 shares in the last quarter. Hedge funds and other institutional investors 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.