KeyCorp Reaffirms Hold Rating for Sonoco Products (NYSE:SON)

KeyCorp restated their hold rating on shares of Sonoco Products (NYSE:SON) in a research report sent to investors on Thursday morning, AnalystRatings.com reports.

“We think SON remains a solid defensive holding; only valuation keeps us on the sidelines.”,” the firm’s analyst wrote.

Other analysts also recently issued reports about the stock. ValuEngine raised shares of YY from a sell rating to a hold rating in a research report on Friday, June 7th. Goldman Sachs Group cut shares of Metcash from a conviction-buy rating to a neutral rating in a research note on Monday, June 24th. Vertical Research cut shares of Sonoco Products from a hold rating to a sell rating in a research note on Tuesday, April 16th. Bank of America set a $80.00 price objective on shares of Colgate-Palmolive and gave the stock a buy rating in a research note on Friday, July 12th. Finally, Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the stock a hold rating in a research note on Monday, April 22nd. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $59.17.

SON stock opened at $60.92 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.24 and a quick ratio of 0.91. The company has a market capitalization of $6.09 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 3.64 and a beta of 0.94. Sonoco Products has a 12 month low of $50.30 and a 12 month high of $66.57. The business has a 50 day simple moving average of $64.79.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, July 18th. The industrial products company reported $0.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.02). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.42 billion. Sonoco Products had a return on equity of 19.55% and a net margin of 5.61%. The business’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.93 earnings per share. As a group, sell-side analysts expect that Sonoco Products will post 3.57 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Thursday, August 8th. Sonoco Products’s payout ratio is 51.04%.

In related news, SVP R. Howard Coker sold 6,484 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total transaction of $401,618.96. Following the completion of the transaction, the senior vice president now directly owns 215,108 shares in the company, valued at approximately $13,323,789.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total transaction of $50,547.00. Following the transaction, the vice president now owns 7,938 shares of the company’s stock, valued at $494,140.50. The disclosure for this sale can be found here. Insiders sold 12,381 shares of company stock valued at $758,537 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP acquired a new stake in Sonoco Products in the 4th quarter worth about $225,000. Northern Trust Corp boosted its holdings in Sonoco Products by 0.7% in the 4th quarter. Northern Trust Corp now owns 778,253 shares of the industrial products company’s stock worth $41,348,000 after buying an additional 5,114 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Sonoco Products by 6.4% in the 4th quarter. Great West Life Assurance Co. Can now owns 60,760 shares of the industrial products company’s stock worth $2,994,000 after buying an additional 3,656 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Sonoco Products by 6.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,790,540 shares of the industrial products company’s stock worth $95,129,000 after purchasing an additional 101,969 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Sonoco Products by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock worth $52,284,000 after purchasing an additional 61,583 shares in the last quarter. Hedge funds and other institutional investors own 73.87% 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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