Sonoco Products (NYSE:SON) Issues Earnings Results, Misses Expectations By $0.07 EPS

Sonoco Products (NYSE:SON) released its earnings results on Wednesday. The industrial products company reported $1.67 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07), FiscalAI reports. Sonoco Products had a return on equity of 16.50% and a net margin of 8.41%. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period in the prior year, the firm earned $1.92 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis.

Sonoco Products Stock Performance

NYSE SON opened at $51.07 on Thursday. The stock has a market cap of $5.05 billion, a PE ratio of 8.12, a P/E/G ratio of 1.44 and a beta of 0.35. The company has a current ratio of 0.99, a quick ratio of 0.55 and a debt-to-equity ratio of 0.97. Sonoco Products has a twelve month low of $38.65 and a twelve month high of $60.67. The stock has a fifty day simple moving average of $51.68 and a 200-day simple moving average of $52.58.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, November 10th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, November 10th. Sonoco Products’s dividend payout ratio is 34.34%.

Analyst Upgrades and Downgrades

SON has been the topic of several research analyst reports. Wells Fargo & Company lowered their price objective on Sonoco Products from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Monday. Bank of America cut shares of Sonoco Products from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $69.00 to $60.00 in a research note on Thursday, September 3rd. Weiss Ratings lowered shares of Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, September 11th. Truist Financial reduced their target price on shares of Sonoco Products from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Finally, UBS Group reduced their target price on shares of Sonoco Products from $61.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $58.89.

About Sonoco Products

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.