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

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

Analyst Ratings Changes

Several research analysts have weighed in on SON shares. Jefferies Financial Group decreased their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Finally, UBS Group boosted their price target on Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Monday, January 12th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $54.86.

Sonoco Products Stock Up 3.6%

The stock has a market cap of $5.01 billion, a P/E ratio of 8.06, a PEG ratio of 0.75 and a beta of 0.54. The stock’s fifty day simple moving average is $44.93 and its 200-day simple moving average is $44.21. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. LRI Investments LLC acquired a new stake in Sonoco Products in the fourth quarter worth $29,000. Connable Office Inc. bought a new position in shares of Sonoco Products during the fourth quarter worth about $286,000. Sequoia Financial Advisors LLC increased its holdings in shares of Sonoco Products by 25.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 29,006 shares of the industrial products company’s stock worth $1,266,000 after acquiring an additional 5,894 shares during the period. SBI Securities Co. Ltd. lifted its position in Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 258 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in Sonoco Products in the 4th quarter valued at about $349,000. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Company Profile

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.