Sonoco Products’ (NYSE:SON) Underweight Rating Reaffirmed at Barclays PLC

Barclays PLC reaffirmed their underweight rating on shares of Sonoco Products Company (NYSE:SON) in a research note issued to investors on Monday, July 24th. They currently have a $48.00 price objective on the industrial products company’s stock, up from their prior price objective of $45.00.

Other equities research analysts have also issued reports about the company. Jefferies Group LLC reaffirmed a hold rating and set a $48.00 target price (up from $47.00) on shares of Sonoco Products in a research report on Sunday, April 23rd. Robert W. Baird raised Sonoco Products from a neutral rating to an outperform rating and raised their target price for the company from $55.00 to $60.00 in a research report on Wednesday, July 19th. Zacks Investment Research lowered Sonoco Products from a buy rating to a hold rating in a research report on Wednesday, June 21st. Vertical Research lowered Sonoco Products from a hold rating to a sell rating in a research report on Friday, July 21st. Finally, DA Davidson raised Sonoco Products from an underperform rating to a neutral rating and raised their target price for the company from $48.00 to $54.00 in a research report on Friday, April 21st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. Sonoco Products currently has an average rating of Hold and a consensus target price of $52.57.

Sonoco Products (SON) traded up 0.10% during trading on Monday, reaching $48.02. 368,363 shares of the company’s stock were exchanged. Sonoco Products has a 12 month low of $47.52 and a 12 month high of $55.58. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 18.23 and a beta of 1.12. The firm’s 50-day moving average price is $50.31 and its 200-day moving average price is $51.97.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, July 20th. The industrial products company reported $0.71 EPS for the quarter, meeting analysts’ consensus estimates of $0.71. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Sonoco Products had a return on equity of 16.64% and a net margin of 5.61%. Sonoco Products’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 EPS. On average, equities research analysts anticipate that Sonoco Products will post $2.75 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Wednesday, August 9th. Sonoco Products’s dividend payout ratio (DPR) is currently 59.09%.

Large investors have recently made changes to their positions in the company. Financial Engines Advisors L.L.C. raised its stake in shares of Sonoco Products by 0.4% in the first quarter. Financial Engines Advisors L.L.C. now owns 11,448 shares of the industrial products company’s stock valued at $606,000 after buying an additional 40 shares during the period. National Planning Corp raised its stake in shares of Sonoco Products by 0.3% in the second quarter. National Planning Corp now owns 12,647 shares of the industrial products company’s stock valued at $652,000 after buying an additional 42 shares during the period. Global X Management Co. LLC raised its stake in shares of Sonoco Products by 1.0% in the first quarter. Global X Management Co. LLC now owns 4,954 shares of the industrial products company’s stock valued at $262,000 after buying an additional 50 shares during the period. World Asset Management Inc raised its stake in shares of Sonoco Products by 0.8% in the second quarter. World Asset Management Inc now owns 6,896 shares of the industrial products company’s stock valued at $355,000 after buying an additional 57 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in shares of Sonoco Products by 1.0% in the second quarter. Teacher Retirement System of Texas now owns 7,952 shares of the industrial products company’s stock valued at $409,000 after buying an additional 76 shares during the period. 73.92% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Sonoco Products (NYSE:SON)

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