Sonoco Products Company (NYSE:SON)‘s stock had its “hold” rating reaffirmed by investment analysts at KeyCorp in a note issued to investors on Thursday, October 19th.
The analysts wrote, “We are modestly raising our 2017 and 2018 estimates for the same reasons.””
Several other equities research analysts also recently issued reports on SON. Zacks Investment Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. BidaskClub downgraded shares of Sonoco Products from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research note on Thursday, August 3rd. Vertical Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Friday, July 21st. Finally, Barclays PLC reaffirmed an “underweight” rating and set a $48.00 price target (up previously from $45.00) on shares of Sonoco Products in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $52.00.
Sonoco Products (SON) traded down 0.55% during midday trading on Thursday, hitting $51.97. The company had a trading volume of 437,954 shares. The company has a 50 day moving average price of $50.47 and a 200 day moving average price of $50.48. The firm has a market capitalization of $5.17 billion, a P/E ratio of 19.73 and a beta of 1.13. Sonoco Products has a 1-year low of $47.10 and a 1-year high of $55.58.
Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm posted $0.72 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. Equities research analysts forecast that Sonoco Products will post $2.79 earnings per share for the current fiscal year.
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In other news, SVP Vicki B. Arthur sold 727 shares of Sonoco Products stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $53.00, for a total value of $38,531.00. Following the completion of the transaction, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at approximately $1,801,894. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Barry L. Saunders sold 5,645 shares of Sonoco Products stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $52.39, for a total transaction of $295,741.55. Following the completion of the transaction, the chief financial officer now directly owns 60,455 shares of the company’s stock, valued at $3,167,237.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,937 shares of company stock valued at $363,088. 1.90% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Sonoco Products by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,545,609 shares of the industrial products company’s stock valued at $490,835,000 after purchasing an additional 29,532 shares during the period. State Street Corp boosted its stake in Sonoco Products by 1.2% during the 2nd quarter. State Street Corp now owns 6,544,078 shares of the industrial products company’s stock valued at $336,491,000 after purchasing an additional 77,004 shares during the period. Wells Fargo & Company MN boosted its stake in Sonoco Products by 7.4% during the 2nd quarter. Wells Fargo & Company MN now owns 3,662,913 shares of the industrial products company’s stock valued at $188,346,000 after purchasing an additional 251,027 shares during the period. American Century Companies Inc. boosted its stake in Sonoco Products by 13.1% during the 2nd quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after purchasing an additional 257,969 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Sonoco Products by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,350,804 shares of the industrial products company’s stock valued at $69,458,000 after purchasing an additional 8,370 shares during the period. 71.74% of the stock is owned by hedge funds and other institutional investors.
Sonoco Products Company Profile
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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