Sonoco Products (NYSE:SON) Sets New 52-Week Low – Here’s What Happened

Sonoco Products (NYSE:SON) shares reached a new 52-week low on Wednesday . The stock traded as low as $46.46 and last traded at $46.73, with a volume of 41834 shares traded. The stock had previously closed at $47.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SON shares. Citigroup decreased their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a report on Monday. Truist Financial increased their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company dropped their price objective on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a report on Monday. Bank of America boosted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday. Finally, Robert W. Baird dropped their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.17.

Sonoco Products Trading Down 0.3 %

The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The business has a 50 day moving average price of $50.46 and a 200-day moving average price of $51.82. The company has a market cap of $4.65 billion, a P/E ratio of 16.25, a PEG ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share 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 firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the business earned $1.46 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. Analysts forecast that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.40%. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Institutional Trading of Sonoco Products

Hedge funds and other institutional investors have recently bought and sold shares of the business. TD Asset Management Inc grew its position in shares of Sonoco Products by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Sonoco Products by 2.2% in the second quarter. Arizona State Retirement System now owns 27,506 shares of the industrial products company’s stock valued at $1,395,000 after buying an additional 586 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Sonoco Products during the second quarter worth approximately $200,000. Chesapeake Capital Corp IL bought a new position in Sonoco Products during the 2nd quarter worth $325,000. Finally, Headlands Technologies LLC raised its holdings in Sonoco Products by 2,086.0% in the 2nd quarter. Headlands Technologies LLC now owns 5,924 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 5,653 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

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.