Sonoco Products Company (SON) Receives “Buy” Rating from Robert W. Baird
Robert W. Baird reaffirmed their buy rating on shares of Sonoco Products Company (NYSE:SON) in a research report sent to investors on Friday morning. The brokerage currently has a $60.00 price objective on the industrial products company’s stock.
Other research analysts have also issued reports about the stock. Barclays PLC raised their price target on shares of Sonoco Products from $48.00 to $49.00 and gave the company an underweight rating in a research note on Friday, October 20th. KeyCorp reaffirmed a hold rating on shares of Sonoco Products in a research note on Thursday, October 19th. Zacks Investment Research raised shares of Sonoco Products from a sell rating to a hold rating in a research note on Wednesday, October 18th. Jefferies Group LLC reaffirmed a hold rating and issued a $48.00 price target on shares of Sonoco Products in a research note on Thursday, September 7th. Finally, Bank of America Corporation raised shares of Sonoco Products from an underperform rating to a buy rating and set a $56.00 price target on the stock in a research note on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $52.00.
Shares of Sonoco Products (NYSE:SON) opened at $50.91 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.11 and a current ratio of 1.59. Sonoco Products has a 12 month low of $47.10 and a 12 month high of $55.58. The stock has a market cap of $5,043.60, a PE ratio of 18.93, a PEG ratio of 3.89 and a beta of 1.15.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the company posted $0.72 EPS. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. research analysts predict that Sonoco Products will post 2.8 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be issued a $0.39 dividend. The ex-dividend date is Thursday, November 9th. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. Sonoco Products’s payout ratio is 57.35%.
In other Sonoco Products news, CFO Barry L. Saunders sold 5,645 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the completion of the sale, the chief financial officer now owns 60,455 shares in the company, valued at approximately $3,167,237.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the completion of the sale, the senior vice president now owns 33,998 shares of the company’s stock, valued at approximately $1,801,894. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Commerce Bank raised its holdings in Sonoco Products by 3.4% in the 2nd quarter. Commerce Bank now owns 75,530 shares of the industrial products company’s stock valued at $3,884,000 after acquiring an additional 2,493 shares during the last quarter. Evanston Investments Inc. dba Evanston Advisors increased its holdings in shares of Sonoco Products by 6.4% during the 2nd quarter. Evanston Investments Inc. dba Evanston Advisors now owns 144,348 shares of the industrial products company’s stock worth $7,422,000 after buying an additional 8,715 shares during the last quarter. Clinton Group Inc. increased its holdings in shares of Sonoco Products by 544.5% during the 2nd quarter. Clinton Group Inc. now owns 25,356 shares of the industrial products company’s stock worth $1,304,000 after buying an additional 21,422 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Sonoco Products by 1.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,952 shares of the industrial products company’s stock worth $409,000 after buying an additional 76 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Sonoco Products by 161.9% during the 2nd quarter. Prudential Financial Inc. now owns 222,777 shares of the industrial products company’s stock worth $11,455,000 after buying an additional 137,710 shares during the last quarter. Institutional investors own 71.95% of the company’s stock.
Sonoco Products Company Profile
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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