Wells Fargo & Company Issues Pessimistic Forecast for Sonoco Products (NYSE:SON) Stock Price

Sonoco Products (NYSE:SON) had its price objective lowered by investment analysts at Wells Fargo & Company from $50.00 to $48.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 1.75% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Truist Financial dropped their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Citigroup dropped their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Bank of America lifted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, StockNews.com lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $58.50.

Sonoco Products Price Performance

Shares of NYSE SON opened at $47.18 on Monday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The company’s 50-day moving average price is $47.96 and its 200 day moving average price is $51.01. Sonoco Products has a 52 week low of $44.35 and a 52 week high of $61.73. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 0.76 and a beta of 0.67.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.67 billion. As a group, research analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares of the company’s stock, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SON. Kennebec Savings Bank acquired a new stake in Sonoco Products during the third quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products during the 3rd quarter worth about $33,000. Quarry LP increased its position in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 511 shares in the last quarter. Colonial Trust Co SC raised its holdings in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after buying an additional 453 shares during the period. Finally, True Wealth Design LLC lifted its position in Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after buying an additional 950 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.