Citigroup Increases Sonoco Products (NYSE:SON) Price Target to $63.00

Sonoco Products (NYSE:SON) had its price objective increased by research analysts at Citigroup from $62.00 to $63.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential upside of 18.15% from the company’s current price.

Several other research analysts have also commented on SON. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. Raymond James began coverage on Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price objective on the stock. Finally, StockNews.com cut Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products Trading Down 0.6 %

SON opened at $53.32 on Wednesday. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 2.10 and a beta of 0.68. The stock has a fifty day moving average price of $53.11 and a 200-day moving average price of $55.17. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company earned $1.38 earnings per share. Sonoco Products’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sonoco Products

Several hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd acquired a new stake in shares of Sonoco Products in the 4th quarter valued at approximately $969,000. Speece Thorson Capital Group Inc. boosted its holdings in shares of Sonoco Products by 18.2% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company’s stock worth $14,863,000 after purchasing an additional 41,006 shares during the last quarter. Sei Investments Co. grew its position in shares of Sonoco Products by 6.9% in the first quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock valued at $78,890,000 after purchasing an additional 88,407 shares during the period. Invenomic Capital Management LP increased its stake in Sonoco Products by 49.7% in the fourth quarter. Invenomic Capital Management LP now owns 97,813 shares of the industrial products company’s stock valued at $5,465,000 after purchasing an additional 32,460 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Sonoco Products by 49.3% during the 1st quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock worth $7,171,000 after acquiring an additional 40,927 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Company Profile

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.