Sonoco Products (NYSE:SON) Releases Q2 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $1.25-$1.35 for the period, compared to the consensus EPS estimate of $1.30. Sonoco Products also updated its FY24 guidance to $5.00-$5.30 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SON shares. TheStreet cut shares of Sonoco Products from a b- rating to a c+ rating in a report on Wednesday, February 14th. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $58.00 to $56.00 and set an equal weight rating for the company in a research report on Tuesday, February 20th. Finally, Citigroup reduced their price target on shares of Sonoco Products from $66.00 to $65.00 and set a buy rating for the company in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sonoco Products currently has an average rating of Moderate Buy and an average target price of $63.00.

Sonoco Products Stock Down 2.1 %

NYSE:SON traded down $1.21 during trading hours on Tuesday, hitting $56.05. 514,973 shares of the company’s stock traded hands, compared to its average volume of 431,154. The stock’s fifty day moving average price is $56.96 and its two-hundred day moving average price is $55.98. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76. The firm has a market cap of $5.50 billion, a P/E ratio of 11.93, a P/E/G ratio of 2.17 and a beta of 0.68. Sonoco Products has a twelve month low of $49.98 and a twelve month high of $63.74.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the company earned $1.27 earnings per share. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, research analysts expect that Sonoco Products will post 5.21 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. Sonoco Products’s dividend payout ratio is 42.50%.

Insider Activity

In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total value of $604,065.00. Following the completion of the transaction, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Russell K. Grissett sold 2,039 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the sale, the insider now directly owns 11,988 shares of the company’s stock, valued at approximately $672,047.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total value of $604,065.00. Following the sale, the insider now owns 13,456 shares in the company, valued at approximately $774,123.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,076 shares of company stock worth $749,002. Company insiders own 0.51% of the company’s stock.

Sonoco Products Company Profile

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.