Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Sonoco Products Co. shares valued at $30,630 were sold by Wood Adam on Mar 06 ’24. At $57.04 per share, Wood Adam sold 537 shares. The insider’s holdings dropped to 28,273 shares worth approximately $1.44 million following the completion of this transaction.
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Also, Grissett Russell K sold 2,039 shares, netting a total of over 114,306 in proceeds. Following the sale of shares at $56.06 each, the insider now holds 11,988 shares.
Before that, Tomaszewski Jeffrey S had sold 10,500 shares from its account. In a trade valued at $604,106, the Pres., Diversified Business traded Sonoco Products Co. shares for $57.53 each. Upon closing the transaction, the insider’s holdings decreased to 10,500 shares, worth approximately $0.68 million.
As published in their initiating research note from Raymond James on July 19, 2024, Sonoco Products Co. [SON] has been an Outperform and the price target has been revised to $62. Analysts at Argus downgraded the stock from ‘”a Buy”‘ to ‘”a Hold”‘ outlook in a report released in early August. As of March 20, 2023, Seaport Research Partners has increased its “Neutral” rating to a “Buy” for SON. Earlier on February 14, 2023, Argus upgraded its rating. Their new recommendation was “a Buy” for SON stock which previously was a “a Hold”.
Analyzing SON Stock Performance
During the last five days, there has been a surge of approximately 2.69%. Over the course of the year, Sonoco Products Co. shares have dropped approximately -9.02%. Shares of the company reached a 52-week high of $61.73 on 06/03/24 and a 52-week low of $48.22 on 07/05/24. A 50-day SMA is recorded $52.59, while a 200-day SMA reached $55.78. Nevertheless, trading volume fell to 0.61 million shares from 0.52 million shares the previous day.
Support And Resistance Levels for Sonoco Products Co. (SON)
According to the 24-hour chart, there is a support level at 50.36, which, if violated, would cause prices to drop to 49.89. In the upper region, resistance lies at 51.20. The next price resistance is at 51.57. RSI (Relative Strength Index) is 48.34 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.74, which suggests the price will decrease in the coming days. Percent R is at 63.59%, indicating low price movement. Stochastics%K at holding indicates that the stock is to be held.
