Sonoco Products (NYSE:SON) Updates FY 2024 Earnings Guidance

Sonoco Products (NYSE:SON) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 5.000-5.300 for the period, compared to the consensus earnings per share estimate of 5.070. The company issued revenue guidance of -. Sonoco Products also updated its FY24 guidance to $5.00-$5.30 EPS.

Analyst Ratings Changes

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

Sonoco Products Stock Down 2.1 %

Shares of Sonoco Products stock traded down $1.23 during trading on Tuesday, reaching $56.03. 515,877 shares of the company traded hands, compared to its average volume of 431,165. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.76 and a quick ratio of 1.10. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74. The company has a 50 day moving average price of $56.96 and a 200-day moving average price of $55.98. The firm has a market capitalization of $5.50 billion, a PE ratio of 11.67, a P/E/G ratio of 2.17 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. The business’s revenue was down 5.3% on a year-over-year basis. As a group, equities research analysts expect that Sonoco Products will post 5.21 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

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

Insiders Place Their Bets

In other Sonoco Products news, VP Adam Wood sold 537 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the transaction, the vice president now owns 28,273 shares in the company, valued at $1,612,691.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the transaction, the insider now owns 11,988 shares in the company, valued at $672,047.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Adam Wood sold 537 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the transaction, the vice president now owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,076 shares of company stock worth $749,002. Insiders own 0.51% of the company’s stock.

About Sonoco Products

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.