Citigroup Cuts Sonoco Products (NYSE:SON) Price Target to $55.00

Sonoco Products (NYSE:SON) had its price objective cut by equities researchers at Citigroup from $59.00 to $55.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 16.48% from the company’s current price.

SON has been the subject of a number of other research reports. Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday. Bank of America boosted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday. Robert W. Baird cut their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Truist Financial boosted their price target on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Price Performance

Shares of NYSE:SON traded down $0.73 on Monday, hitting $47.22. The company had a trading volume of 1,153,324 shares, compared to its average volume of 729,962. The company has a market cap of $4.64 billion, a PE ratio of 16.23, a PEG ratio of 2.14 and a beta of 0.68. The business has a 50 day moving average of $50.68 and a 200 day moving average of $51.95. Sonoco Products has a 52-week low of $47.18 and a 52-week high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. As a group, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Institutional Trading of Sonoco Products

Hedge funds have recently made changes to their positions in the company. Kennebec Savings Bank acquired a new stake in Sonoco Products during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Sonoco Products during the third quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new stake in shares of Sonoco Products in the second quarter worth $50,000. Wilmington Savings Fund Society FSB acquired a new stake in Sonoco Products in the third quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 1,675 shares during 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.