Bank of America Boosts Sonoco Products (NYSE:SON) Price Target to $71.00

Sonoco Products (NYSE:SON) had its price target hoisted by stock analysts at Bank of America from $66.00 to $71.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price suggests a potential upside of 48.41% from the company’s current price.

A number of other analysts have also issued reports on the stock. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wells Fargo & Company decreased their target price on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research report on Monday. Truist Financial raised their price target on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Monday. Finally, Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $61.50.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded down $0.11 during trading on Monday, hitting $47.84. 387,275 shares of the company’s stock traded hands, compared to its average volume of 587,391. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The business has a 50-day simple moving average of $50.68 and a 200-day simple moving average of $51.95. Sonoco Products has a 1 year low of $47.68 and a 1 year high of $61.73. The stock has a market capitalization of $4.70 billion, a P/E ratio of 16.44, a PEG ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, analysts forecast that Sonoco Products will post 5.09 EPS for the current year.

Institutional Trading of Sonoco Products

A number of large investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after purchasing an additional 248,236 shares during the period. Canada Pension Plan Investment Board acquired a new position in Sonoco Products in the second quarter valued at $2,419,000. Versor Investments LP purchased a new position in Sonoco Products in the third quarter valued at approximately $970,000. Jane Street Group LLC increased its holdings in Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock valued at $10,126,000 after purchasing an additional 140,370 shares in the last quarter. Finally, Speece Thorson Capital Group Inc. grew its position in Sonoco Products by 18.6% in the third quarter. Speece Thorson Capital Group Inc. now owns 305,971 shares of the industrial products company’s stock valued at $16,715,000 after acquiring an additional 47,928 shares in the last quarter. Institutional investors and hedge funds 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.