Sonoco Products (NYSE:SON) Upgraded to Overweight by Wells Fargo & Co

Sonoco Products (NYSE:SON) was upgraded by equities researchers at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday, MarketBeat Ratings reports. The firm presently has a $60.00 price objective on the industrial products company’s stock, up from their previous price objective of $48.00. Wells Fargo & Co‘s target price suggests a potential upside of 22.10% from the company’s previous close.

Several other brokerages have also recently weighed in on SON. BMO Capital Markets raised Sonoco Products from a “market perform” rating to an “outperform” rating in a research note on Friday, March 20th. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Wednesday, April 22nd. DA Davidson raised Sonoco Products from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Friday, April 17th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research note on Tuesday, April 14th. Finally, Deutsche Bank decreased their target price on Sonoco Products from $61.00 to $52.00 and set a “hold” rating for the company in a research note on Thursday, April 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Sonoco Products has a consensus rating of “Hold” and an average price target of $55.13.

Shares of SON traded down $0.11 during trading hours on Thursday, reaching $49.14. 357,600 shares of the company’s stock traded hands, compared to its average volume of 530,881. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 3.03 and a beta of 0.81. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.11 and a quick ratio of 0.74. Sonoco Products has a twelve month low of $37.30 and a twelve month high of $66.57. The business’s fifty day simple moving average is $47.89 and its two-hundred day simple moving average is $54.12.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, April 16th. The industrial products company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.10. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.36 billion. Sonoco Products had a return on equity of 20.13% and a net margin of 5.61%. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. On average, equities research analysts expect that Sonoco Products will post 3.25 EPS for the current year.

Several large investors have recently added to or reduced their stakes in SON. NEXT Financial Group Inc acquired a new position in shares of Sonoco Products in the 4th quarter valued at $1,225,000. Advisor Partners LLC boosted its position in Sonoco Products by 4.9% during the 4th quarter. Advisor Partners LLC now owns 10,828 shares of the industrial products company’s stock worth $645,000 after acquiring an additional 506 shares during the period. Strs Ohio boosted its position in Sonoco Products by 63.2% during the 4th quarter. Strs Ohio now owns 14,743 shares of the industrial products company’s stock worth $909,000 after acquiring an additional 5,707 shares during the period. State of Michigan Retirement System boosted its position in Sonoco Products by 1.4% during the 4th quarter. State of Michigan Retirement System now owns 29,411 shares of the industrial products company’s stock worth $1,815,000 after acquiring an additional 400 shares during the period. Finally, Joel Isaacson & Co. LLC acquired a new stake in Sonoco Products during the 4th quarter worth about $201,000. Institutional investors and hedge funds own 72.11% of the company’s stock.

About Sonoco Products

Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.

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Analyst Recommendations for Sonoco Products (NYSE:SON)

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