Sonoco Products’ (SON) “Hold” Rating Reiterated at KeyCorp
KeyCorp restated their hold rating on shares of Sonoco Products (NYSE:SON) in a research note published on Sunday, AnalystRatings.com reports.
“We don’t expect too many other covered companies to be in a position to raise guidance this year as SON just did, other than the possible exception of Berry Global (BERY) because of resin cost benefits. We are raising our 2019 adj. EPS estimate from $3.50 to $3.57 (at the midpoint of just- raised guidance of $3.52-$3.62) and our 2020 estimate from $3.50 to $3.57 (consensus is $3.69), both on higher margins. We reiterate our SW rating on valuation; SON is trading well above its historical averages on P/E and EV/EBITDA.”,” KeyCorp’s analyst commented.
SON has been the topic of several other research reports. Wells Fargo & Co restated a hold rating on shares of Sonoco Products in a research note on Thursday, February 14th. Zacks Investment Research restated a hold rating and issued a $56.00 target price on shares of Sonoco Products in a research note on Monday, December 31st. Finally, Vertical Research downgraded shares of Sonoco Products from a hold rating to a sell rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $57.25.
Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.05. Sonoco Products had a net margin of 5.76% and a return on equity of 19.57%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonoco Products will post 3.55 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.81%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s payout ratio is currently 48.66%.
In related news, SVP Rodger D. Fuller sold 6,224 shares of Sonoco Products stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $59.90, for a total value of $372,817.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Rodger D. Fuller sold 5,085 shares of Sonoco Products stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $60.25, for a total value of $306,371.25. Following the completion of the transaction, the senior vice president now directly owns 72,978 shares of the company’s stock, valued at $4,396,924.50. The disclosure for this sale can be found here. Insiders sold 25,914 shares of company stock valued at $1,551,838 over the last ninety days. 1.30% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Baker Ellis Asset Management LLC raised its holdings in shares of Sonoco Products by 0.4% in the fourth quarter. Baker Ellis Asset Management LLC now owns 42,853 shares of the industrial products company’s stock valued at $2,277,000 after buying an additional 190 shares during the last quarter. Advisor Partners LLC raised its holdings in shares of Sonoco Products by 3.2% in the fourth quarter. Advisor Partners LLC now owns 6,491 shares of the industrial products company’s stock valued at $345,000 after buying an additional 202 shares during the last quarter. Carroll Financial Associates Inc. raised its holdings in shares of Sonoco Products by 0.5% in the fourth quarter. Carroll Financial Associates Inc. now owns 45,560 shares of the industrial products company’s stock valued at $2,368,000 after buying an additional 225 shares during the last quarter. Palladium Partners LLC raised its holdings in shares of Sonoco Products by 1.7% in the fourth quarter. Palladium Partners LLC now owns 14,601 shares of the industrial products company’s stock valued at $776,000 after buying an additional 239 shares during the last quarter. Finally, Old North State Trust LLC raised its holdings in shares of Sonoco Products by 5.8% in the fourth quarter. Old North State Trust LLC now owns 5,193 shares of the industrial products company’s stock valued at $275,000 after buying an additional 286 shares during the last quarter. 74.49% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Company Profile
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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