Sonoco Products Company (SON) Receives $51.83 Average Target Price from Brokerages
Shares of Sonoco Products Company (NYSE:SON) have been given a consensus recommendation of “Hold” by the ten analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $51.83.
A number of equities research analysts recently weighed in on the company. Bank of America Corporation raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Wednesday, September 6th. Robert W. Baird raised Sonoco Products from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $55.00 to $60.00 in a research report on Wednesday, July 19th. Vertical Research raised Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 price objective on shares of Sonoco Products in a research report on Thursday, August 3rd. Finally, Zacks Investment Research downgraded Sonoco Products from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st.
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Sonoco Products (NYSE SON) traded up 0.38% during trading on Wednesday, hitting $50.45. The stock had a trading volume of 1,037,000 shares. The stock has a market capitalization of $5.01 billion, a PE ratio of 19.15 and a beta of 1.12. The stock’s 50-day moving average is $48.45 and its 200-day moving average is $50.87. Sonoco Products has a 52-week low of $47.10 and a 52-week high of $55.58.
Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.71. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the company earned $0.73 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, analysts predict that Sonoco Products will post $2.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 11th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.09%. The ex-dividend date was Wednesday, August 9th. Sonoco Products’s dividend payout ratio is presently 59.09%.
Hedge funds have recently modified their holdings of the company. Harfst & Associates Inc. purchased a new position in shares of Sonoco Products during the 2nd quarter worth approximately $126,000. Meadow Creek Investment Management LLC raised its stake in shares of Sonoco Products by 11.5% during the 1st quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock worth $173,000 after buying an additional 336 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sonoco Products by 18.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock worth $193,000 after buying an additional 589 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of Sonoco Products during the 2nd quarter worth approximately $206,000. Finally, Clinton Group Inc. purchased a new position in shares of Sonoco Products during the 1st quarter worth approximately $208,000. 72.45% of the stock is owned by institutional investors and hedge funds.
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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