Sonoco Products (NYSE:SON) Price Target Cut to $60.00

Sonoco Products (NYSE:SON) had its price objective trimmed by Citigroup from $64.00 to $60.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other research analysts also recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Sonoco Products from $56.00 to $57.00 and gave the stock an equal weight rating in a research note on Friday, May 3rd. StockNews.com downgraded shares of Sonoco Products from a strong-buy rating to a buy rating in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Sonoco Products currently has an average rating of Moderate Buy and an average price target of $58.50.

Sonoco Products Price Performance

Shares of SON opened at $49.61 on Monday. The stock has a market cap of $4.87 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.90 and a beta of 0.68. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.83 and a current ratio of 1.31. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. The firm’s 50-day simple moving average is $56.72 and its two-hundred day simple moving average is $56.86.

Sonoco Products (NYSE:SON) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.07. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The business’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.40 earnings per share. Analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 4.19%. Sonoco Products’s dividend payout ratio (DPR) is presently 52.53%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SON. Norges Bank bought a new position in Sonoco Products in the fourth quarter worth approximately $62,387,000. American Century Companies Inc. grew its stake in Sonoco Products by 20.2% during the third quarter. American Century Companies Inc. now owns 2,787,019 shares of the industrial products company’s stock valued at $151,474,000 after acquiring an additional 467,431 shares in the last quarter. Brown Advisory Inc. grew its stake in Sonoco Products by 105.0% during the fourth quarter. Brown Advisory Inc. now owns 724,637 shares of the industrial products company’s stock valued at $40,485,000 after acquiring an additional 371,096 shares in the last quarter. Sei Investments Co. grew its stake in Sonoco Products by 30.8% during the fourth quarter. Sei Investments Co. now owns 1,275,530 shares of the industrial products company’s stock valued at $71,264,000 after acquiring an additional 300,697 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new position in Sonoco Products during the first quarter valued at $8,507,000. 77.69% of the stock is currently owned by 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.