Vertical Research downgraded shares of Sonoco Products Company (NYSE:SON) from a hold rating to a sell rating in a research report report published on Friday morning.
Several other equities research analysts have also commented on SON. Barclays PLC reissued an overweight rating on shares of Sonoco Products in a research note on Friday, April 14th. DA Davidson raised Sonoco Products from an underperform rating to a neutral rating and boosted their price target for the stock from $48.00 to $54.00 in a research note on Friday, April 21st. Jefferies Group LLC reissued a hold rating and set a $48.00 price target (up previously from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. BidaskClub raised Sonoco Products from a strong sell rating to a sell rating in a research note on Wednesday, June 14th. Finally, Zacks Investment Research lowered Sonoco Products from a buy rating to a hold rating in a research note on Wednesday, June 21st. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Sonoco Products has an average rating of Hold and an average target price of $51.57.
Sonoco Products (SON) opened at 49.44 on Friday. The firm’s 50 day moving average price is $51.29 and its 200-day moving average price is $52.53. Sonoco Products has a one year low of $48.86 and a one year high of $55.58. The firm has a market cap of $4.98 billion, a PE ratio of 18.77 and a beta of 1.14.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.71. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. Equities analysts predict that Sonoco Products will post $2.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, August 9th. This represents a $1.56 annualized dividend and a dividend yield of 3.16%. Sonoco Products’s dividend payout ratio is currently 59.09%.
Several hedge funds and other institutional investors have recently modified their holdings of SON. Teachers Advisors LLC increased its position in shares of Sonoco Products by 9.5% in the fourth quarter. Teachers Advisors LLC now owns 106,108 shares of the industrial products company’s stock valued at $5,592,000 after buying an additional 9,179 shares in the last quarter. Manning & Napier Advisors LLC increased its position in shares of Sonoco Products by 172.3% in the first quarter. Manning & Napier Advisors LLC now owns 49,542 shares of the industrial products company’s stock valued at $2,620,000 after buying an additional 31,345 shares in the last quarter. CHURCHILL MANAGEMENT Corp increased its position in shares of Sonoco Products by 2.0% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 39,036 shares of the industrial products company’s stock valued at $2,066,000 after buying an additional 754 shares in the last quarter. Creative Planning increased its position in shares of Sonoco Products by 5.8% in the first quarter. Creative Planning now owns 5,626 shares of the industrial products company’s stock valued at $298,000 after buying an additional 309 shares in the last quarter. Finally, Carroll Financial Associates Inc. increased its position in shares of Sonoco Products by 3.1% in the first quarter. Carroll Financial Associates Inc. now owns 40,937 shares of the industrial products company’s stock valued at $2,166,000 after buying an additional 1,236 shares in the last quarter. Hedge funds and other institutional investors own 74.12% of the company’s stock.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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