Sonoco Products (NYSE:SON) Rating Increased to Hold at Argus

Sonoco Products (NYSE:SON) was upgraded by equities researchers at Argus to a “hold” rating in a report issued on Monday,Zacks.com reports.

SON has been the subject of several other research reports. Truist Financial reduced their price objective on shares of Sonoco Products from $69.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. UBS Group reduced their price objective on shares of Sonoco Products from $62.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. Zacks Research raised shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 6th. Wells Fargo & Company reduced their price objective on shares of Sonoco Products from $60.00 to $56.00 and set an “equal weight” rating for the company in a research report on Friday, March 20th. Finally, Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $56.00 to $60.00 in a research report on Monday, January 5th. Five investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Sonoco Products presently has an average rating of “Hold” and a consensus price target of $61.78.

Sonoco Products Stock Down 1.1%

Sonoco Products stock opened at $56.75 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05. Sonoco Products has a 52-week low of $38.65 and a 52-week high of $58.44. The firm has a 50 day moving average price of $54.32 and a two-hundred day moving average price of $47.26. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 5.64, a PEG ratio of 1.15 and a beta of 0.50.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company’s quarterly revenue was up 29.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.17 EPS. Equities analysts predict that Sonoco Products will post 5.93 EPS for the current year.

Insider Transactions at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of Sonoco Products stock in a transaction on Friday, February 27th. The shares were sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the sale, the insider owned 9,377 shares of the company’s stock, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.98% of the company’s stock.

Institutional Trading of Sonoco Products

Several hedge funds have recently bought and sold shares of the business. Baker Ellis Asset Management LLC grew its position in Sonoco Products by 3.9% in the 1st quarter. Baker Ellis Asset Management LLC now owns 5,307 shares of the industrial products company’s stock valued at $287,000 after purchasing an additional 201 shares during the period. Powell Investment Advisors LLC grew its position in Sonoco Products by 1.0% in the 4th quarter. Powell Investment Advisors LLC now owns 20,718 shares of the industrial products company’s stock valued at $904,000 after purchasing an additional 203 shares during the period. IFP Advisors Inc grew its position in Sonoco Products by 8.6% in the 4th quarter. IFP Advisors Inc now owns 2,996 shares of the industrial products company’s stock valued at $131,000 after purchasing an additional 237 shares during the period. SBI Securities Co. Ltd. grew its position in Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 258 shares during the period. Finally, Hsbc Holdings PLC grew its position in Sonoco Products by 5.2% in the 4th quarter. Hsbc Holdings PLC now owns 6,073 shares of the industrial products company’s stock valued at $265,000 after purchasing an additional 299 shares during the period. Institutional investors and hedge funds 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.