Sonoco Products (NYSE:SON) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Sonoco Products (NYSE:SON) from a hold rating to a buy rating in a research note released on Saturday morning.

A number of other equities research analysts have also commented on SON. Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price target (down from $52.00) on shares of Sonoco Products in a report on Tuesday, January 6th. Raymond James Financial set a $60.00 price objective on shares of Sonoco Products in a research report on Monday, January 5th. Jefferies Financial Group dropped their target price 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. Truist Financial raised their target price on Sonoco Products from $53.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Finally, Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and upped their price target for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Four 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.com, Sonoco Products currently has an average rating of “Hold” and a consensus price target of $54.86.

Sonoco Products Stock Up 1.2%

SON opened at $51.41 on Friday. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $51.83. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The business’s 50-day moving average price is $45.49 and its 200-day moving average price is $44.33. The company has a market cap of $5.07 billion, a P/E ratio of 8.16, a P/E/G ratio of 0.80 and a beta of 0.54.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allen Wealth Management LLC bought a new position in Sonoco Products in the 3rd quarter worth about $1,489,000. AlphaQuest LLC lifted its stake in shares of Sonoco Products by 1,237.0% in the third quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock worth $1,038,000 after buying an additional 22,278 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Sonoco Products by 329.3% during the third quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after buying an additional 38,653 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Sonoco Products during the third quarter valued at approximately $560,000. Finally, Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of Sonoco Products during the third quarter valued at approximately $1,185,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

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.