Goldman Sachs Group Lowers Sonoco Products (NYSE:SON) to Sell

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Goldman Sachs Group lowered shares of Sonoco Products (NYSE:SON) from a neutral rating to a sell rating in a report published on Monday, Benzinga reports. Goldman Sachs Group currently has $59.00 target price on the industrial products company’s stock.

Several other research analysts also recently issued reports on the stock. ValuEngine raised shares of Sonoco Products from a hold rating to a buy rating in a research report on Friday, June 7th. KeyCorp reissued a hold rating on shares of Sonoco Products in a research report on Sunday, April 21st. Wells Fargo & Co set a $58.00 price objective on shares of Sonoco Products and gave the stock a hold rating in a research report on Monday, April 22nd. Vertical Research downgraded shares of Sonoco Products from a hold rating to a sell rating in a research report on Tuesday, April 16th. Finally, Argus raised shares of Sonoco Products from a hold rating to a buy rating and set a $68.00 price objective on the stock in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $59.33.

Shares of NYSE:SON opened at $63.61 on Monday. The stock’s fifty day moving average is $63.79. Sonoco Products has a 12 month low of $50.30 and a 12 month high of $66.23. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.36 and a quick ratio of 0.91. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 3.85 and a beta of 0.96.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, April 18th. The industrial products company reported $0.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.05. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business earned $0.74 EPS. Sonoco Products’s revenue for the quarter was up 3.6% compared to the same quarter last year. Research analysts anticipate that Sonoco Products will post 3.58 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 10th were given a dividend of $0.43 per share. This is an increase from Sonoco Products’s previous quarterly dividend of $0.41. This represents a $1.72 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 51.04%.

In other news, SVP Rodger D. Fuller sold 5,085 shares of Sonoco Products stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $60.25, for a total value of $306,371.25. Following the sale, the senior vice president now owns 72,978 shares of the company’s stock, valued at $4,396,924.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP R. Howard Coker sold 6,484 shares of Sonoco Products stock in a transaction dated 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 sale, the senior vice president now directly owns 215,108 shares in the company, valued at approximately $13,323,789.52. The disclosure for this sale can be found here. Insiders have sold a total of 12,381 shares of company stock worth $758,537 over the last three months. 1.30% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of SON. Norges Bank purchased a new stake in shares of Sonoco Products in the fourth quarter valued at about $55,542,000. Rothschild & Co. Asset Management US Inc. acquired a new position in Sonoco Products during the first quarter worth about $21,761,000. BlackRock Inc. raised its position in shares of Sonoco Products by 3.1% in the fourth quarter. BlackRock Inc. now owns 11,331,928 shares of the industrial products company’s stock valued at $602,065,000 after buying an additional 336,758 shares during the last quarter. APG Asset Management N.V. acquired a new position in shares of Sonoco Products in the fourth quarter valued at approximately $14,338,000. Finally, American Century Companies Inc. raised its position in shares of Sonoco Products by 7.8% in the fourth quarter. American Century Companies Inc. now owns 3,199,869 shares of the industrial products company’s stock valued at $170,009,000 after buying an additional 232,148 shares during the last quarter. 73.84% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Company Profile

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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