Truist Financial Cuts Sonoco Products (NYSE:SON) Price Target to $64.00

Sonoco Products (NYSE:SON) had its target price trimmed by Truist Financial from $65.00 to $64.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other research firms have also recently commented on SON. Bank of America upped their target price on Sonoco Products from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday. Argus raised Sonoco Products to a “hold” rating in a research note on Monday, April 20th. Weiss Ratings upgraded Sonoco Products from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. Wells Fargo & Company cut their price objective on Sonoco Products from $60.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, March 20th. Finally, Citigroup increased their target price on Sonoco Products from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $61.33.

Sonoco Products Price Performance

SON stock opened at $56.57 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.54 and a current ratio of 0.96. The company’s fifty day moving average price is $51.52 and its 200-day moving average price is $51.59. Sonoco Products has a one year low of $38.65 and a one year high of $58.44. The company has a market capitalization of $5.59 billion, a PE ratio of 5.55, a price-to-earnings-growth ratio of 1.22 and a beta of 0.37.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.37). The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.88 billion. Sonoco Products had a net margin of 13.57% and a return on equity of 16.50%. Sonoco Products’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.38 earnings per share. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. On average, equities analysts anticipate that Sonoco Products will post 5.79 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.8%. The ex-dividend date is Monday, August 10th. Sonoco Products’s payout ratio is 21.18%.

Insider Buying and Selling

In other news, insider James A. Harrell III bought 6,753 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was bought at an average price of $50.37 per share, with a total value of $340,148.61. Following the completion of the transaction, the insider directly owned 10,070 shares of the company’s stock, valued at approximately $507,225.90. The trade was a 203.59% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Paul Joachimczyk purchased 8,058 shares of the business’s stock in a transaction on Friday, April 24th. The stock was purchased at an average cost of $49.64 per share, for a total transaction of $399,999.12. Following the completion of the acquisition, the chief financial officer directly owned 28,558 shares of the company’s stock, valued at approximately $1,417,619.12. The trade was a 39.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.98% of the stock is owned by insiders.

Institutional Investors Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sonoco Products by 44.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock valued at $2,319,000 after acquiring an additional 15,079 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Sonoco Products by 80.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock worth $9,755,000 after purchasing an additional 92,286 shares in the last quarter. Empowered Funds LLC grew its position in Sonoco Products by 14.1% during the 1st quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock worth $522,000 after purchasing an additional 1,364 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Sonoco Products by 87.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after purchasing an additional 255,055 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Sonoco Products by 315.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock worth $69,000 after buying an additional 1,205 shares during the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

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.