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 earnings per share (EPS) guidance of $1.25-$1.35 for the period, compared to the consensus estimate of $1.30. Sonoco Products also updated its FY 2024 guidance to 5.000-5.300 EPS.

Sonoco Products Stock Down 2.1 %

Shares of SON traded down $1.23 during mid-day trading on Tuesday, reaching $56.03. The company’s stock had a trading volume of 515,877 shares, compared to its average volume of 431,165. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The stock has a market cap of $5.50 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.76 and a quick ratio of 1.10. The company’s 50 day moving average is $56.96 and its 200 day moving average is $55.98.

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

Sonoco Products Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Sonoco Products news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the transaction, the vice president now owns 28,273 shares of the company’s stock, valued at $1,612,691.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Russell K. Grissett sold 2,039 shares of Sonoco Products stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the completion of the sale, the insider now owns 11,988 shares of the company’s stock, valued at $672,047.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Adam Wood sold 537 shares of Sonoco Products stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the sale, the vice president now directly 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 sold 13,076 shares of company stock valued at $749,002. Corporate 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.