Bank of America Downgrades Sonoco Products (NYSE:SON) to Underperform

Sonoco Products (NYSE:SON) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports.

A number of other analysts have also commented on the company. ValuEngine raised YY from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Vertical Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research report on Sunday, April 21st. Goldman Sachs Group lowered Metcash from a “conviction-buy” rating to a “neutral” rating in a research report on Monday, June 24th. Finally, Wells Fargo & Co set a $58.00 target price on Sonoco Products and gave the company a “hold” rating in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Sonoco Products has an average rating of “Hold” and a consensus price target of $59.33.

Shares of Sonoco Products stock opened at $65.16 on Friday. Sonoco Products has a one year low of $50.30 and a one year high of $66.57. The company has a market cap of $6.49 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 3.88 and a beta of 0.94. The company has a 50-day moving average price of $64.63. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.36 and a quick ratio of 0.91.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, April 18th. The industrial products company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. Sonoco Products had a return on equity of 19.57% and a net margin of 5.76%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the company posted $0.74 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts predict that Sonoco Products will post 3.58 earnings per share for the current fiscal year.

In other Sonoco Products news, SVP R. Howard Coker sold 6,484 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was 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 of the company’s stock, valued at approximately $13,323,789.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was 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 of the company’s stock, valued at $494,140.50. The disclosure for this sale can be found here. Insiders have sold a total of 12,381 shares of company stock valued at $758,537 over the last three months. Corporate insiders own 1.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC lifted its stake in shares of Sonoco Products by 102.4% during the first quarter. Parallel Advisors LLC now owns 755 shares of the industrial products company’s stock valued at $46,000 after acquiring an additional 382 shares during the period. Flagship Harbor Advisors LLC lifted its stake in shares of Sonoco Products by 54.1% during the first quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock valued at $59,000 after acquiring an additional 339 shares during the period. Blue Sky Asset Management LLC acquired a new position in shares of Sonoco Products during the first quarter valued at $78,000. Country Trust Bank acquired a new position in shares of Sonoco Products during the second quarter valued at $79,000. Finally, NN Investment Partners Holdings N.V. acquired a new position in shares of Sonoco Products during the second quarter valued at $157,000. 73.84% of the stock is owned by hedge funds and other institutional investors.

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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