Brokerages Expect Sonoco Products Company (SON) to Announce $0.71 Earnings Per Share
Wall Street analysts expect that Sonoco Products Company (NYSE:SON) will post earnings of $0.71 per share for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Sonoco Products’ earnings, with estimates ranging from $0.70 to $0.74. Sonoco Products reported earnings per share of $0.73 during the same quarter last year, which suggests a negative year over year growth rate of 2.7%. The firm is expected to report its next quarterly earnings results before the market opens on Thursday, July 20th.
According to Zacks, analysts expect that Sonoco Products will report full-year earnings of $2.77 per share for the current year, with EPS estimates ranging from $2.75 to $2.80. For the next financial year, analysts forecast that the firm will post earnings of $2.99 per share, with EPS estimates ranging from $2.91 to $3.10. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow Sonoco Products.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, April 20th. The industrial products company reported $0.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.02. Sonoco Products had a net margin of 5.93% and a return on equity of 17.10%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the company earned $0.65 earnings per share. The business’s revenue was down 4.4% compared to the same quarter last year.
A number of analysts have recently commented on SON shares. Barclays PLC reissued an “overweight” rating on shares of Sonoco Products in a research note on Friday, April 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $48.00 price objective (up from $47.00) on shares of Sonoco Products in a research note on Sunday, April 23rd. DA Davidson raised Sonoco Products from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $48.00 to $54.00 in a research note on Friday, April 21st. Zacks Investment Research lowered Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Finally, BidaskClub raised Sonoco Products from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $48.50.
In other news, VP Marcy J. Thompson sold 940 shares of the business’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $53.28, for a total transaction of $50,083.20. Following the completion of the sale, the vice president now owns 8,489 shares in the company, valued at $452,293.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.90% of the company’s stock.
Several large investors have recently added to or reduced their stakes in SON. Pictet Asset Management Ltd. bought a new position in shares of Sonoco Products during the first quarter valued at about $106,000. IFP Advisors Inc boosted its position in shares of Sonoco Products by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock valued at $110,000 after buying an additional 242 shares during the last quarter. Cranbrook Wealth Management LLC boosted its position in shares of Sonoco Products by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock valued at $130,000 after buying an additional 2,000 shares during the last quarter. Meadow Creek Investment Management LLC boosted its position in shares of Sonoco Products by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after buying an additional 336 shares during the last quarter. Finally, Clinton Group Inc. bought a new position in shares of Sonoco Products during the first quarter valued at about $208,000. Hedge funds and other institutional investors own 74.12% of the company’s stock.
Shares of Sonoco Products (NYSE SON) traded up 0.50% during mid-day trading on Monday, reaching $51.98. The company’s stock had a trading volume of 104,422 shares. The firm has a market cap of $5.17 billion, a PE ratio of 18.89 and a beta of 1.14. Sonoco Products has a 12 month low of $49.50 and a 12 month high of $55.58. The company has a 50-day moving average of $50.88 and a 200-day moving average of $52.72.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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