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.
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.
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