Sonoco Products (NYSE:SON) Releases FY 2024 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 5.000-5.300 for the period, compared to the consensus earnings per share estimate of 5.070. The company issued revenue guidance of -. Sonoco Products also updated its FY24 guidance to $5.00-$5.30 EPS.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded down $1.23 on Tuesday, reaching $56.03. 515,877 shares of the stock were exchanged, compared to its average volume of 431,165. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. Sonoco Products has a twelve month low of $49.98 and a twelve month high of $63.74. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 2.17 and a beta of 0.68. The business has a 50 day moving average price of $56.96 and a two-hundred day moving average price of $55.98.

Sonoco Products (NYSE:SON) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. The firm had revenue of $1.64 billion during 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 company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 earnings per share. Analysts anticipate that Sonoco Products will post 5.21 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. 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%. The ex-dividend date is Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is currently 42.50%.

Wall Street Analysts Forecast Growth

SON has been the subject of several recent research reports. Citigroup reduced their price target on Sonoco Products from $66.00 to $65.00 and set a buy rating for the company in a research report on Thursday, April 4th. Wells Fargo & Company dropped their price target on 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. Finally, TheStreet cut Sonoco Products from a b- rating to a c+ rating in a research report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Sonoco Products has an average rating of Moderate Buy and an average target price of $63.00.

Insider Activity

In other news, insider Russell K. Grissett sold 2,039 shares of the company’s 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 transaction, the insider now directly owns 11,988 shares in the company, valued at approximately $672,047.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Russell K. Grissett sold 2,039 shares of the company’s 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 transaction, the insider now directly owns 11,988 shares in the company, valued at approximately $672,047.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Adam Wood sold 537 shares of the company’s 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 completion of the transaction, the vice president now owns 28,273 shares in the company, valued at $1,612,691.92. The disclosure for this sale can be found here. Insiders sold a total of 13,076 shares of company stock valued at $749,002 in the last 90 days. Company 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.