Barclays Upgrades Sonoco Products (SON) to Equal Weight

Sonoco Products (NYSE:SON) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a report issued on Friday. The firm presently has a $55.00 price target on the industrial products company’s stock, up from their previous price target of $49.00. Barclays’ price objective would suggest a potential upside of 2.52% from the stock’s previous close.

Several other research analysts have also commented on the company. Bank of America raised Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target on the stock in a research report on Wednesday, September 6th. Robert W. Baird reaffirmed a “buy” rating and set a $60.00 price target on shares of Sonoco Products in a research report on Friday, November 10th. Zacks Investment Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Jefferies Group reaffirmed a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research report on Thursday, September 7th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Sonoco Products currently has an average rating of “Hold” and an average target price of $53.00.

Sonoco Products (NYSE SON) opened at $53.65 on Friday. The company has a market capitalization of $5,390.00, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 4.07 and a beta of 1.15. Sonoco Products has a 12-month low of $47.10 and a 12-month high of $55.77. 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 (NYSE:SON) last released its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The firm’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. equities analysts expect that Sonoco Products will post 2.8 EPS for the current year.

In other news, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $53.00, for a total value of $38,531.00. Following the transaction, the senior vice president now owns 33,998 shares of the company’s stock, valued at $1,801,894. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Marcy J. Thompson sold 565 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The disclosure for this sale can be found here. In the last three months, insiders sold 6,937 shares of company stock worth $363,088. Corporate insiders own 1.90% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Sonoco Products by 0.3% in the second quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after purchasing an additional 29,532 shares during the period. State Street Corp increased its holdings in shares of Sonoco Products by 1.2% in the second quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after purchasing an additional 77,004 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Sonoco Products by 7.4% in the second quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after purchasing an additional 251,027 shares during the period. American Century Companies Inc. increased its holdings in shares of Sonoco Products by 15.7% in the third quarter. American Century Companies Inc. now owns 2,579,422 shares of the industrial products company’s stock valued at $130,132,000 after purchasing an additional 349,455 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Sonoco Products by 1.0% during the third quarter. Bank of New York Mellon Corp now owns 1,363,962 shares of the industrial products company’s stock worth $68,811,000 after acquiring an additional 13,158 shares during the period. 72.27% of the stock is currently owned by institutional investors and hedge funds.

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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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