Noteworthy Price Action: Sonoco Products Co Has Another Very Weak Trading Session Recording a Gap Down

Noteworthy Price Action: Sonoco Products Co Has Another Very Weak Trading Session Recording a Gap Down

The stock of Sonoco Products Co (NYSE:SON) gapped down by $0.4 today and has $46.80 target or 8.00% below today’s $50.87 share price. The 6 months technical chart setup indicates high risk for the $5.13B company. The gap down was reported on Oct, 4 by Barchart.com. If the $46.80 price target is reached, the company will be worth $410.40M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 3.71% or $1.96 during the last trading session, hitting $50.87. About 718,544 shares traded hands or 76.07% up from the average. Sonoco Products Co (NYSE:SON) has risen 15.17% since March 1, 2016 and is uptrending. It has outperformed by 2.95% the S&P500.

Analysts await Sonoco Products Co (NYSE:SON) to report earnings on October, 19. They expect $0.68 EPS, up 4.62% or $0.03 from last year’s $0.65 per share. SON’s profit will be $68.57M for 18.70 P/E if the $0.68 EPS becomes a reality. After $0.73 actual EPS reported by Sonoco Products Co for the previous quarter, Wall Street now forecasts -6.85% negative EPS growth.

Sonoco Products Co (NYSE:SON) Ratings Coverage

Out of 9 analysts covering Sonoco Products Company (NYSE:SON), 1 rate it a “Buy”, 4 “Sell”, while 4 “Hold”. This means 11% are positive. Sonoco Products Company has been the topic of 15 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm earned “Neutral” rating on Tuesday, November 10 by Macquarie Research. As per Tuesday, August 25, the company rating was downgraded by Zacks. Goldman Sachs initiated Sonoco Products Co (NYSE:SON) rating on Thursday, May 12. Goldman Sachs has “Neutral” rating and $50 price target. The stock of Sonoco Products Co (NYSE:SON) has “Underperform” rating given on Monday, April 11 by DA Davidson. Vertical Research downgraded the shares of SON in a report on Friday, July 22 to “Sell” rating. The stock has “Hold” rating given by Deutsche Bank on Monday, November 16. The company was downgraded on Friday, March 18 by Bank of America. On Tuesday, September 1 the stock rating was upgraded by Zacks to “Sell”. The rating was downgraded by Zacks on Monday, September 7 to “Sell”. The rating was upgraded by Zacks on Friday, August 7 to “Sell”.

According to Zacks Investment Research, “Sonoco is one of the world’s largest manufacturers of packaging materials for industrial and consumer markets. In addition, the company is one of the leading producers of recycled paperboard, utilizing more than a million tons of recovered paper annually in its papermaking operations. Sonoco products are used by many of the world’s leading industries, including food processing, beverages, textiles, supermarkets, plastics, papermaking, pharmaceuticals, material converting, material handling, agriculture, personal care, health care and many others.”

Insitutional Activity: The institutional sentiment increased to 1.13 in Q2 2016. Its up 0.13, from 1 in 2016Q1. The ratio increased, as 27 funds sold all Sonoco Products Co shares owned while 100 reduced positions. 24 funds bought stakes while 120 increased positions. They now own 68.56 million shares or 4.29% less from 71.64 million shares in 2016Q1.
Cap Innovations Ltd Liability holds 1.64% or 11,300 shares in its portfolio. Synovus holds 0.02% of its portfolio in Sonoco Products Co (NYSE:SON) for 18,700 shares. Moreover, Ahl Prtn Llp has 0.15% invested in Sonoco Products Co (NYSE:SON) for 57,090 shares. Great West Life Assurance Can reported 10,570 shares or 0% of all its holdings. Moreover, Sei Invs has 0% invested in Sonoco Products Co (NYSE:SON) for 15,083 shares. High Point Financial Bank And Trust Co owns 15,289 shares or 0.21% of their US portfolio. Liberty Mutual Grp Asset Mgmt Incorporated accumulated 0.08% or 43,829 shares. Perkins Mngmt Ltd Liability, a Illinois-based fund reported 664,011 shares. Reynders Mcveigh Capital Mgmt Limited Co last reported 0.06% of its portfolio in the stock. Wesbanco National Bank & Trust holds 0.02% or 5,316 shares in its portfolio. Engines Advsr Limited Liability accumulated 11,378 shares or 0.47% of the stock. Panagora Asset Mngmt holds 0.01% or 45,790 shares in its portfolio. Lowe Brockenbrough & Incorporated holds 0.06% of its portfolio in Sonoco Products Co (NYSE:SON) for 6,495 shares. Weaver C Barksdale And last reported 18,600 shares in the company. State Of Tennessee Treasury Department, a Tennessee-based fund reported 41,900 shares.

Insider Transactions: Since April 22, 2016, the stock had 0 insider buys, and 19 sales for $5.81 million net activity. Thompson Marcy J sold 549 shares worth $26,901. Harrell James A. III had sold 1,000 shares worth $49,000. 1,721 Sonoco Products Co (NYSE:SON) shares with value of $87,771 were sold by ARTHUR VICKI B. Shares for $442,608 were sold by Coker R. Howard on Friday, April 22. LAWTON EDGAR H III also sold $1.02M worth of Sonoco Products Co (NYSE:SON) on Thursday, August 4. Saunders Barry L had sold 9,009 shares worth $429,075 on Tuesday, May 31. SCHRUM ROGER P had sold 760 shares worth $38,923 on Monday, July 25.

More recent Sonoco Products Co (NYSE:SON) news were published by: Zacks.com which released: “Sonoco (SON) Announces Hike in Price for URB Products” on September 16, 2016. Also Twst.com published the news titled: “Sonoco Products Co.: Sonoco ThermoSafe Acquires Laminar Medica Group” on September 20, 2016. Plasticsnews.com‘s news article titled: “Sonoco selling blow molding operations to Amcor” with publication date: September 02, 2016 was also an interesting one.

SON Company Profile

Sonoco Products Company (Sonoco), incorporated on May 10, 1899, is a maker of industrial and consumer packaging products and a well-known provider of packaging services. The Firm operates in four divisions: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. The Firm has approximately 330 locations in over 30 countries.

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