Sonoco Products (NYSE:SON) Rating Lowered to Neutral at Bank of America

Bank of America lowered shares of Sonoco Products (NYSE:SON) from a buy rating to a neutral rating in a report released on Friday, The Fly reports. Bank of America currently has $57.00 price target on the industrial products company’s stock.

Several other analysts have also commented on the company. Seaport Global Securities assumed coverage on Sonoco Products in a research note on Wednesday, October 14th. They issued a buy rating and a $60.00 price target on the stock. BMO Capital Markets boosted their price target on Sonoco Products from $56.00 to $60.00 and gave the company an outperform rating in a research note on Tuesday, October 13th. UBS Group assumed coverage on Sonoco Products in a research note on Thursday, September 17th. They issued a neutral rating and a $66.00 price target on the stock. BofA Securities lowered Sonoco Products from a buy rating to a neutral rating and set a $57.00 price objective on the stock. in a research note on Friday. Finally, Argus lowered Sonoco Products from a buy rating to a hold rating in a research note on Tuesday, August 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $56.91.

Shares of NYSE:SON opened at $51.59 on Friday. Sonoco Products has a 1-year low of $37.30 and a 1-year high of $62.77. The firm has a market capitalization of $5.18 billion, a PE ratio of 19.18, a PEG ratio of 3.34 and a beta of 0.78. The business’s 50 day moving average is $52.82 and its 200-day moving average is $51.74. The company has a current ratio of 1.42, a quick ratio of 1.09 and a debt-to-equity ratio of 0.90.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.04. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.32 billion. Sonoco Products had a return on equity of 19.35% and a net margin of 5.23%. Sonoco Products’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 EPS. On average, sell-side analysts predict that Sonoco Products will post 3.27 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Tuesday, November 10th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $1.72 dividend on an annualized basis and a yield of 3.33%. Sonoco Products’s dividend payout ratio is presently 48.73%.

In other Sonoco Products news, EVP Rodger D. Fuller sold 5,638 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $54.95, for a total value of $309,808.10. Following the completion of the sale, the executive vice president now directly owns 73,674 shares in the company, valued at $4,048,386.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in SON. Two Sigma Advisers LP bought a new stake in shares of Sonoco Products in the first quarter worth about $519,000. Morgan Stanley boosted its position in shares of Sonoco Products by 94.2% during the first quarter. Morgan Stanley now owns 429,230 shares of the industrial products company’s stock worth $19,895,000 after buying an additional 208,247 shares during the period. AXA acquired a new position in shares of Sonoco Products during the first quarter worth about $1,613,000. Jane Street Group LLC boosted its position in shares of Sonoco Products by 259.6% during the first quarter. Jane Street Group LLC now owns 18,248 shares of the industrial products company’s stock worth $846,000 after buying an additional 13,174 shares during the period. Finally, Ameritas Investment Company LLC acquired a new position in shares of Sonoco Products during the first quarter worth about $39,000. Institutional investors own 73.34% 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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