Sonoco Products (NYSE:SON) Hits New 52-Week High – What’s Next?

Sonoco Products Company (NYSE:SON) shares hit a new 52-week high on Wednesday . The stock traded as high as $50.32 and last traded at $50.2950, with a volume of 38269 shares trading hands. The stock had previously closed at $49.01.

Analysts Set New Price Targets

SON has been the subject of several analyst reports. UBS Group upped their target price on Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. Raymond James Financial set a $60.00 price objective on shares of Sonoco Products in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Zacks Research upgraded shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and increased their price target for the stock from $56.00 to $60.00 in a research note on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.86.

Sonoco Products Trading Up 3.6%

The business’s 50-day moving average is $44.93 and its two-hundred day moving average is $44.21. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $5.01 billion, a PE ratio of 8.06, a PEG ratio of 0.75 and a beta of 0.54.

Hedge Funds Weigh In On Sonoco Products

Institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonoco Products by 44.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock worth $2,319,000 after acquiring an additional 15,079 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Sonoco Products by 80.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock valued at $9,755,000 after purchasing an additional 92,286 shares in the last quarter. Empowered Funds LLC increased its holdings in Sonoco Products by 14.1% during the 1st quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock worth $522,000 after purchasing an additional 1,364 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Sonoco Products by 87.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after purchasing an additional 255,055 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $56,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.