Sonoco Products (NYSE:SON) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Sonoco Products (NYSE:SON) from a buy rating to a hold rating in a report published on Thursday morning, ValuEngine reports.

SON has been the subject of several other reports. BMO Capital Markets set a $76.00 price target on shares of Gilead Sciences and gave the company a buy rating in a report on Monday, July 15th. Argus raised shares of Sonoco Products from a hold rating to a buy rating and set a $68.00 price target for the company in a report on Wednesday, April 24th. Bank of America set a $80.00 price target on shares of Colgate-Palmolive and gave the company a buy rating in a report on Friday, July 12th. KeyCorp reiterated a hold rating on shares of Sonoco Products in a research report on Thursday. Finally, Goldman Sachs Group downgraded shares of Metcash from a conviction-buy rating to a neutral rating in a research report on Monday, June 24th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $59.17.

NYSE SON opened at $60.92 on Thursday. Sonoco Products has a one year low of $50.30 and a one year high of $66.57. The firm has a 50-day simple moving average of $64.79. 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 firm has a market cap of $6.09 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 3.64 and a beta of 0.94.

Sonoco Products (NYSE:SON) last posted its quarterly 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). Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was down .5% on a year-over-year basis. Equities research analysts expect that Sonoco Products will post 3.57 earnings per share for the current year.

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

In related news, VP Roger P. Schrum sold 812 shares of Sonoco Products stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total value of $50,547.00. Following the sale, the vice president now directly owns 7,938 shares in the company, valued at approximately $494,140.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 owns 215,108 shares in the company, valued at $13,323,789.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,381 shares of company stock worth $758,537. 1.30% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Rowland & Co. Investment Counsel ADV lifted its position in Sonoco Products by 48.5% in the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 60,469 shares of the industrial products company’s stock valued at $3,721,000 after purchasing an additional 19,749 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in Sonoco Products by 0.9% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 142,037 shares of the industrial products company’s stock valued at $8,740,000 after purchasing an additional 1,308 shares during the last quarter. Two Sigma Advisers LP lifted its position in Sonoco Products by 94.2% in the 4th quarter. Two Sigma Advisers LP now owns 35,400 shares of the industrial products company’s stock valued at $1,881,000 after purchasing an additional 17,176 shares during the last quarter. Pratt Collard Advisory Partners LLC bought a new stake in shares of Sonoco Products during the 1st quarter worth about $229,000. Finally, Geode Capital Management LLC raised its position in shares of Sonoco Products by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock worth $52,284,000 after buying 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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