Sonoco Products (NYSE:SON) Given New $62.00 Price Target at Truist Financial

Sonoco Products (NYSE:SON) had its price objective decreased by analysts at Truist Financial from $68.00 to $62.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price would suggest a potential upside of 28.02% from the company’s current price.

Several other research firms also recently commented on SON. Citigroup increased their price objective on shares of Sonoco Products from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Bank of America downgraded Sonoco Products from a “buy” rating to a “neutral” rating and lowered their target price for the company from $69.00 to $60.00 in a research report on Thursday, September 3rd. UBS Group cut their target price on shares of Sonoco Products from $61.00 to $51.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Finally, Weiss Ratings cut shares of Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $59.22.

Sonoco Products Stock Performance

Shares of NYSE SON traded up $0.51 during midday trading on Monday, hitting $48.43. 315,813 shares of the stock traded hands, compared to its average volume of 1,151,161. The firm has a 50-day moving average of $52.98 and a two-hundred day moving average of $52.81. The firm has a market capitalization of $4.79 billion, a P/E ratio of 7.70, a PEG ratio of 1.22 and a beta of 0.35. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.55 and a current ratio of 0.99. Sonoco Products has a one year low of $38.65 and a one year high of $60.67.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the business posted $1.37 earnings per share. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. On average, equities analysts forecast that Sonoco Products will post 5.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Sonoco Products

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Sonoco Products during the 2nd quarter worth about $657,016,000. Dimensional Fund Advisors LP increased its holdings in shares of Sonoco Products by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,931,180 shares of the industrial products company’s stock valued at $212,632,000 after purchasing an additional 32,810 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Sonoco Products in the second quarter valued at about $204,968,000. Sei Investments Co. increased its position in Sonoco Products by 4.6% during the first quarter. Sei Investments Co. now owns 1,497,108 shares of the industrial products company’s stock worth $80,979,000 after purchasing an additional 66,483 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Sonoco Products during the second quarter worth about $60,793,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

About Sonoco Products

Sonoco Products Company (NYSE:SON) is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, Sonoco has developed into a diversified provider of packaging products and services for consumer and industrial markets.

The company produces consumer packaging such as rigid paper and plastic containers, metal cans, flexible packaging, thermoformed packaging, closures, and packaging displays. Its industrial packaging activities include paper tubes and cores, protective packaging, molded foam products, pallets, and other materials used to protect, store, and transport goods.