Sonoco Products (NYSE:SON) Updates FY24 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.00-$5.30 for the period, compared to the consensus EPS estimate of $5.06. Sonoco Products also updated its FY 2024 guidance to 5.000-5.300 EPS.

Sonoco Products Price Performance

SON stock traded down $1.23 during midday trading on Tuesday, reaching $56.03. The company had a trading volume of 515,877 shares, compared to its average volume of 431,165. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. The stock has a 50 day moving average price of $56.96 and a 200-day moving average price of $55.98. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74. 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 (NYSE:SON) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The business’s quarterly revenue was down 5.3% on a year-over-year basis. Equities research analysts expect that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors 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 a boost from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a yield of 3.71%. Sonoco Products’s dividend payout ratio is presently 42.50%.

Analyst Ratings Changes

Several analysts recently commented on the company. TheStreet cut Sonoco Products from a b- rating to a c+ rating in a report on Wednesday, February 14th. Citigroup cut their price target on Sonoco Products from $66.00 to $65.00 and set a buy rating on the stock in a report on Thursday, April 4th. Finally, Wells Fargo & Company cut their price target on Sonoco Products from $58.00 to $56.00 and set an equal weight rating on the stock in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $63.00.

Insider Transactions at Sonoco Products

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

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.