Sonoco Products (NYSE:SON) Price Target Raised to $57.00 at Wells Fargo & Company

Sonoco Products (NYSE:SON) had its price objective lifted by Wells Fargo & Company from $56.00 to $57.00 in a report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the industrial products company’s stock.

SON has been the subject of several other research reports. Citigroup reduced their price target on shares of Sonoco Products from $66.00 to $65.00 and set a buy rating for the company in a report on Thursday, April 4th. TheStreet lowered shares of Sonoco Products from a b- rating to a c+ rating in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Sonoco Products currently has a consensus rating of Moderate Buy and a consensus target price of $63.33.

Sonoco Products Stock Performance

Shares of SON stock traded up $1.19 on Friday, hitting $56.80. 513,735 shares of the stock traded hands, compared to its average volume of 409,484. The company has a market capitalization of $5.58 billion, a PE ratio of 14.35, a PEG ratio of 2.14 and a beta of 0.68. The company’s fifty day moving average is $56.91 and its 200 day moving average is $56.02. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.31 and a quick ratio of 1.10. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.07. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. Sonoco Products’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 earnings per share. On average, equities research analysts predict that Sonoco Products will post 5.19 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a dividend of $0.52 per share. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Thursday, May 9th. Sonoco Products’s payout ratio is currently 51.52%.

Insider Buying and Selling

In other Sonoco Products news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total transaction of $604,065.00. Following the transaction, the insider now owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $57.53, for a total transaction of $604,065.00. Following the completion of the transaction, the insider now owns 13,456 shares of the company’s stock, valued at $774,123.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Russell K. Grissett sold 2,039 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the sale, the insider now owns 11,988 shares in the company, valued at $672,047.28. The disclosure for this sale can be found here. Insiders sold 13,076 shares of company stock valued at $749,002 over the last 90 days. 0.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sonoco Products

Hedge funds have recently modified their holdings of the stock. Valley Wealth Managers Inc. boosted its stake in Sonoco Products by 1.1% in the 1st quarter. Valley Wealth Managers Inc. now owns 345,664 shares of the industrial products company’s stock worth $19,993,000 after purchasing an additional 3,781 shares during the period. Richardson Financial Services Inc. grew its holdings in shares of Sonoco Products by 5.7% during the first quarter. Richardson Financial Services Inc. now owns 3,345 shares of the industrial products company’s stock valued at $193,000 after buying an additional 180 shares in the last quarter. RIA Advisory Group LLC purchased a new position in shares of Sonoco Products during the first quarter valued at $260,000. GSA Capital Partners LLP raised its position in Sonoco Products by 15.1% during the first quarter. GSA Capital Partners LLP now owns 12,905 shares of the industrial products company’s stock valued at $746,000 after buying an additional 1,692 shares during the period. Finally, Salomon & Ludwin LLC lifted its stake in Sonoco Products by 12.7% in the 1st quarter. Salomon & Ludwin LLC now owns 8,960 shares of the industrial products company’s stock worth $518,000 after acquiring an additional 1,010 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

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.