Citigroup Cuts Sonoco Products (NYSE:SON) Price Target to $55.00

Sonoco Products (NYSE:SON) had its target price lowered by Citigroup from $56.00 to $55.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other research analysts have also issued research reports about the stock. Truist Financial raised their target price on shares of Sonoco Products from $53.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, July 25th. UBS Group raised their target price on shares of Sonoco Products from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Finally, Raymond James Financial raised their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Sonoco Products Stock Down 0.1%

Shares of NYSE:SON opened at $43.03 on Monday. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $55.33. The company’s 50-day moving average price is $46.05 and its two-hundred day moving average price is $45.53. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. The firm has a market cap of $4.24 billion, a P/E ratio of 7.71, a P/E/G ratio of 0.58 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same period in the prior year, the company earned $1.28 EPS. The firm’s revenue was up 17.7% compared to the same quarter last year. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, research analysts forecast that Sonoco Products will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 8th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 4.9%. Sonoco Products’s dividend payout ratio (DPR) is presently 37.99%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its stake in Sonoco Products by 0.3% during the 2nd quarter. State Street Corp now owns 4,470,449 shares of the industrial products company’s stock worth $194,733,000 after acquiring an additional 13,161 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Sonoco Products by 14.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company’s stock worth $169,646,000 after buying an additional 450,792 shares during the period. Nordea Investment Management AB raised its holdings in Sonoco Products by 70.1% during the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after buying an additional 1,164,849 shares during the period. Bank of America Corp DE raised its holdings in Sonoco Products by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,804,621 shares of the industrial products company’s stock worth $122,169,000 after buying an additional 162,262 shares during the period. Finally, Earnest Partners LLC raised its holdings in Sonoco Products by 2.3% during the 1st quarter. Earnest Partners LLC now owns 2,655,347 shares of the industrial products company’s stock worth $125,439,000 after buying an additional 60,746 shares during the period. Institutional investors own 77.69% of the company’s stock.

About Sonoco Products

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.