Sonoco Products (NYSE:SON) Issues Q2 2024 Earnings Guidance

Sonoco Products (NYSE:SON) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.250-1.350 for the period, compared to the consensus EPS estimate of 1.300. The company issued revenue guidance of -. Sonoco Products also updated its FY 2024 guidance to 5.000-5.300 EPS.

Wall Street Analysts Forecast Growth

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

Sonoco Products Price Performance

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

Sonoco Products (NYSE:SON) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.07. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the company posted $1.40 EPS. Sonoco Products’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The firm also recently declared 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 is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.71%. Sonoco Products’s dividend payout ratio is presently 42.50%.

Insider Buying and Selling 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 transaction of $30,630.48. Following the sale, the vice president now directly owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Adam Wood sold 537 shares of the 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 completion of the transaction, the vice president now owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.53, for a total value of $604,065.00. Following the completion of the transaction, the insider now directly owns 13,456 shares of the company’s stock, valued at approximately $774,123.68. The disclosure for this sale can be found here. Insiders sold 13,076 shares of company stock valued at $749,002 in the last 90 days. 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.