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 earnings per share guidance of $5.00-$5.30 for the period, compared to the consensus earnings per share estimate of $5.06. Sonoco Products also updated its FY 2024 guidance to 5.000-5.300 EPS.

Sonoco Products Price Performance

Shares of SON stock traded down $1.23 during midday trading on Tuesday, reaching $56.03. 515,877 shares of the company traded hands, compared to its average volume of 431,165. 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 has a 1-year low of $49.98 and a 1-year high of $63.74. The firm has a market cap of $5.50 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. The firm’s 50 day simple moving average is $56.96 and its two-hundred day simple moving average is $55.98.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (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 period in the previous year, the firm posted $1.40 EPS. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities research analysts expect that Sonoco Products will post 5.21 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently disclosed 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 an increase from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Thursday, May 9th. Sonoco Products’s payout ratio is currently 42.50%.

Wall Street Analyst Weigh In

Several research firms have commented on SON. TheStreet cut shares of Sonoco Products from a b- rating to a c+ rating in a research note on Wednesday, February 14th. Citigroup lowered 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 note on Thursday, April 4th. Finally, Wells Fargo & Company lowered 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 note on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of Moderate Buy and an average target price of $63.00.

Insider Activity

In other news, VP Adam Wood sold 537 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Adam Wood sold 537 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $57.53, for a total transaction of $604,065.00. Following the sale, the insider now directly owns 13,456 shares of the company’s stock, valued at $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 ninety days. Company insiders own 0.51% of the company’s stock.

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.