Vertical Research upgraded shares of Sonoco Products Company (NYSE:SON) from a sell rating to a hold rating in a research note published on Wednesday, August 2nd, Marketbeat.com reports. Vertical Research currently has $45.00 target price on the industrial products company’s stock.
Other analysts have also recently issued research reports about the stock. DA Davidson raised shares of Sonoco Products from an underperform rating to a neutral rating and upped their price objective for the company from $48.00 to $54.00 in a research note on Friday, April 21st. BidaskClub raised shares of Sonoco Products from a strong sell rating to a sell rating in a research note on Wednesday, June 14th. Zacks Investment Research cut shares of Sonoco Products from a buy rating to a hold rating in a research note on Wednesday, June 21st. Jefferies Group LLC reissued a hold rating and issued a $48.00 price target (up previously from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. Finally, Barclays PLC reissued an underweight rating and issued a $48.00 price target (up previously from $45.00) on shares of Sonoco Products in a research note on Monday, July 24th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Sonoco Products currently has a consensus rating of Hold and an average price target of $52.57.
Sonoco Products (NYSE SON) opened at 48.02 on Wednesday. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 18.23 and a beta of 1.12. Sonoco Products has a 12 month low of $47.52 and a 12 month high of $55.58. The stock’s 50 day moving average price is $50.31 and its 200-day moving average price is $51.97.
Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.71. Sonoco Products had a net margin of 5.61% and a return on equity of 16.64%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the company earned $0.73 EPS. Sonoco Products’s revenue was up 2.9% compared to the same quarter last year. Equities analysts expect that Sonoco Products will post $2.75 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 11th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.25%. Sonoco Products’s payout ratio is 59.09%.
Large investors have recently made changes to their positions in the stock. Pictet Asset Management Ltd. bought a new stake in shares of Sonoco Products during the first quarter valued at approximately $106,000. IFP Advisors Inc raised its stake in shares of Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock valued at $110,000 after buying an additional 242 shares in the last quarter. Harfst & Associates Inc. bought a new stake in shares of Sonoco Products during the second quarter valued at approximately $126,000. Cranbrook Wealth Management LLC raised its stake in shares of Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock valued at $130,000 after buying an additional 2,000 shares in the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after buying an additional 336 shares in the last quarter. Institutional investors and hedge funds own 73.92% of the company’s stock.
Sonoco Products Company Profile
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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