Sonoco Products (SON) Upgraded to Equal Weight at Barclays
Barclays upgraded shares of Sonoco Products (NYSE:SON) from an underweight rating to an equal weight rating in a report issued on Friday. The firm currently has $55.00 price objective on the industrial products company’s stock, up from their previous price objective of $49.00.
A number of other research firms have also weighed in on SON. KeyCorp reiterated a hold rating on shares of Sonoco Products in a research note on Thursday, October 19th. Robert W. Baird reiterated a buy rating and issued a $60.00 price objective on shares of Sonoco Products in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of Sonoco Products from a sell rating to a hold rating in a research note on Wednesday, October 18th. Jefferies Group reiterated a hold rating and issued a $48.00 price objective on shares of Sonoco Products in a research note on Thursday, September 7th. Finally, Bank of America upgraded shares of Sonoco Products from an underperform rating to a buy rating and set a $56.00 price objective on the stock in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $53.00.
Shares of Sonoco Products (SON) traded up $0.52 during trading on Friday, reaching $53.65. 960,311 shares of the company’s stock were exchanged, compared to its average volume of 375,927. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.59 and a quick ratio of 1.11. Sonoco Products has a twelve month low of $47.10 and a twelve month high of $55.77. The firm has a market cap of $5,281.17, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 4.07 and a beta of 1.15.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 10th were paid a $0.39 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.91%. Sonoco Products’s payout ratio is currently 57.35%.
In related news, SVP Vicki B. Arthur sold 727 shares of the stock in a transaction on Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the sale, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at $1,801,894. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Barry L. Saunders sold 5,645 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $52.39, for a total transaction of $295,741.55. Following the sale, the chief financial officer now directly owns 60,455 shares in the company, valued at $3,167,237.45. The disclosure for this sale can be found here. Insiders sold 6,937 shares of company stock worth $363,088 in the last quarter. Company insiders own 1.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SON. Marshall Wace North America L.P. purchased a new stake in Sonoco Products during the second quarter worth $42,170,000. Renaissance Technologies LLC boosted its holdings in Sonoco Products by 455.3% during the second quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock worth $41,486,000 after buying an additional 661,500 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Sonoco Products during the second quarter worth $33,327,000. American Century Companies Inc. boosted its holdings in Sonoco Products by 15.7% during the third quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock worth $130,132,000 after buying an additional 349,455 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Sonoco Products during the third quarter worth $15,695,000. 72.27% of the stock is currently owned by hedge funds and other institutional investors.
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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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