Wells Fargo & Company Reaffirms Equal Weight Rating for Sonoco Products (NYSE:SON)

Sonoco Products (NYSE:SON)‘s stock had its “equal weight” rating reaffirmed by Wells Fargo & Company in a research note issued on Tuesday,Benzinga reports. They currently have a $47.00 price objective on the industrial products company’s stock, down from their prior price objective of $52.00. Wells Fargo & Company‘s target price suggests a potential upside of 2.87% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Truist Financial lowered their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Raymond James Financial set a $60.00 target price on Sonoco Products in a report on Monday. UBS Group cut their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group dropped their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $55.00.

Sonoco Products Stock Performance

SON stock opened at $45.69 on Tuesday. The stock’s 50 day simple moving average is $41.75 and its 200 day simple moving average is $43.83. 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 has a 12-month low of $38.65 and a 12-month high of $50.09. The stock has a market capitalization of $4.51 billion, a PE ratio of 7.25, a price-to-earnings-growth ratio of 0.77 and a beta of 0.55.

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

Insider Activity

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

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds have recently made changes to their positions in SON. Richardson Financial Services Inc. increased its holdings in Sonoco Products by 13.2% in the second quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock valued at $100,000 after buying an additional 255 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Sonoco Products by 5.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 6,006 shares of the industrial products company’s stock worth $259,000 after buying an additional 304 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its position in shares of Sonoco Products by 2.8% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,742 shares of the industrial products company’s stock worth $549,000 after acquiring an additional 345 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Sonoco Products by 5.3% in the 3rd quarter. SG Americas Securities LLC now owns 7,043 shares of the industrial products company’s stock valued at $303,000 after acquiring an additional 354 shares during the last quarter. Finally, Gentry Private Wealth LLC raised its position in shares of Sonoco Products by 3.7% during the 3rd quarter. Gentry Private Wealth LLC now owns 10,181 shares of the industrial products company’s stock worth $439,000 after acquiring an additional 362 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other 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.