Sonoco Products (NYSE:SON) Upgraded at Bank of America

Bank of America upgraded shares of Sonoco Products (NYSE:SON) from a neutral rating to a buy rating in a report released on Monday, Marketbeat Ratings reports. Bank of America currently has $60.00 price objective on the industrial products company’s stock, up from their prior price objective of $56.00.

SON has been the subject of several other reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Jefferies Financial Group decreased their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a research report on Friday, October 17th. Truist Financial reduced their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.57.

Sonoco Products Price Performance

SON stock opened at $45.68 on Monday. The stock has a 50-day moving average price of $42.00 and a two-hundred day moving average price of $43.87. Sonoco Products has a 1 year low of $38.65 and a 1 year high of $50.09. The stock has a market cap of $4.51 billion, a PE ratio of 7.25, a price-to-earnings-growth ratio of 0.72 and a beta of 0.55. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. The company had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 4.6%. Sonoco Products’s payout ratio is currently 33.65%.

Insider Activity

In other Sonoco Products news, Director John R. Haley acquired 2,506 shares of the business’s stock in a transaction dated Tuesday, October 28th. The stock was bought at an average cost of $39.87 per share, with a total value of $99,914.22. Following the completion of the transaction, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This represents a 12.05% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The shares were acquired at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the acquisition, the chief financial officer directly owned 20,500 shares in the company, valued at $809,750. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in shares of Sonoco Products by 357.8% in the third quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company’s stock valued at $90,693,000 after purchasing an additional 1,654,576 shares during the period. Norges Bank acquired a new position in Sonoco Products in the 2nd quarter valued at about $53,618,000. Nordea Investment Management AB raised its holdings in Sonoco Products by 70.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock valued at $122,914,000 after acquiring an additional 1,164,849 shares during the period. Millennium Management LLC lifted its position in Sonoco Products by 739.7% during the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after acquiring an additional 1,015,250 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in shares of Sonoco Products by 105.6% during the third quarter. LSV Asset Management now owns 798,800 shares of the industrial products company’s stock worth $34,420,000 after acquiring an additional 410,200 shares during the period. 77.69% of the stock is owned by institutional investors.

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.