Wells Fargo & Company Cuts Sonoco Products (NYSE:SON) Price Target to $48.00

Sonoco Products (NYSE:SON) had its target price reduced by equities researchers at Wells Fargo & Company from $50.00 to $48.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 2.40% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Robert W. Baird dropped their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. StockNews.com lowered Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday. Citigroup decreased their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Bank of America increased their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Truist Financial decreased their target price on Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $58.50.

Sonoco Products Price Performance

Shares of NYSE:SON opened at $46.88 on Monday. Sonoco Products has a twelve month low of $44.35 and a twelve month high of $61.73. The company’s 50 day moving average is $48.12 and its 200 day moving average is $51.04. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The company has a market cap of $4.61 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. On average, sell-side analysts forecast that Sonoco Products will post 6.1 EPS for the current year.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the transaction, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kennebec Savings Bank purchased a new position in shares of Sonoco Products during the 3rd quarter worth $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products during the 3rd quarter worth $33,000. Quarry LP raised its holdings in shares of Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 511 shares during the period. Colonial Trust Co SC raised its holdings in shares of Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 453 shares during the period. Finally, True Wealth Design LLC raised its holdings in shares of Sonoco Products by 650.7% during the 4th quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 950 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Company Profile

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.