Sonoco Products (NYSE:SON – Free Report) had its price target boosted by Bank of America from $66.00 to $71.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.
A number of other research firms have also issued reports on SON. Citigroup increased their price target on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Truist Financial lifted their price target on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Robert W. Baird lowered their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Wells Fargo & Company reduced their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Sonoco Products presently has a consensus rating of “Moderate Buy” and an average price target of $60.17.
Read Our Latest Research Report on Sonoco Products
Sonoco Products Trading Down 0.4 %
Sonoco Products (NYSE:SON – Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Equities research analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal year.
Sonoco Products Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s payout ratio is 71.48%.
Institutional Investors Weigh In On Sonoco Products
A number of institutional investors and hedge funds have recently bought and sold shares of SON. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products during the third quarter worth about $27,000. Capital Performance Advisors LLP purchased a new position in Sonoco Products during the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC acquired a new position in Sonoco Products during the second quarter worth approximately $50,000. Wilmington Savings Fund Society FSB purchased a new stake in Sonoco Products in the third quarter valued at approximately $71,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Sonoco Products by 821.1% in the second 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 period. 77.69% of the stock is owned by hedge funds and other institutional investors.
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.
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