Sonoco Products Company (SON) Receives “Buy” Rating from Robert W. Baird
Robert W. Baird restated their buy rating on shares of Sonoco Products Company (NYSE:SON) in a report published on Friday morning. They currently have a $60.00 target price on the industrial products company’s stock.
Several other equities analysts have also recently weighed in on the company. Vertical Research upgraded Sonoco Products from a sell rating to a hold rating and set a $45.00 price target for the company in a research report on Wednesday, August 2nd. Bank of America Corporation lifted their price target on Sonoco Products from $55.00 to $56.00 and gave the company an underperform rating in a research report on Friday, July 21st. Barclays PLC reiterated an underweight rating and issued a $48.00 price target (up from $45.00) on shares of Sonoco Products in a research report on Monday, July 24th. Jefferies Group LLC reiterated a neutral rating on shares of Sonoco Products in a research report on Wednesday, June 28th. Finally, BidaskClub raised Sonoco Products from a strong sell rating to a sell rating in a research note on Wednesday, June 14th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $52.57.
Sonoco Products (NYSE SON) opened at 48.83 on Friday. The firm’s 50 day moving average price is $49.00 and its 200 day moving average price is $51.29. Sonoco Products has a 52-week low of $47.10 and a 52-week high of $55.58. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 18.54 and a beta of 1.12.
Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.71. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 earnings per share. Equities research analysts anticipate that Sonoco Products will post $2.75 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.19%. The ex-dividend date is Wednesday, August 9th. Sonoco Products’s dividend payout ratio is 59.09%.
Large investors have recently bought and sold shares of the stock. Pictet Asset Management Ltd. bought a new stake in Sonoco Products during the first quarter valued at $106,000. IFP Advisors Inc boosted its stake in Sonoco Products by 13.2% during 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 during the period. Harfst & Associates Inc. bought a new stake in Sonoco Products during the second quarter valued at $126,000. Meadow Creek Investment Management LLC boosted its stake in Sonoco Products by 11.5% during 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 during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sonoco Products by 18.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock valued at $193,000 after buying an additional 589 shares during the period. 72.57% of the stock is owned by institutional investors.
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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