Brokerages forecast that Sonoco Products Co (NYSE:SON) will announce sales of $1.39 billion for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Sonoco Products’ earnings. The highest sales estimate is $1.42 billion and the lowest is $1.37 billion. Sonoco Products posted sales of $1.32 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 5.3%. The firm is expected to report its next earnings report on Thursday, October 18th.
According to Zacks, analysts expect that Sonoco Products will report full year sales of $5.41 billion for the current financial year, with estimates ranging from $5.36 billion to $5.48 billion. For the next financial year, analysts anticipate that the company will report sales of $5.55 billion per share, with estimates ranging from $5.39 billion to $5.85 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Sonoco Products.
Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, July 19th. The industrial products company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.07. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Sonoco Products had a net margin of 4.57% and a return on equity of 18.01%. The business’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the company earned $0.71 earnings per share.
Several research analysts recently weighed in on SON shares. Zacks Investment Research cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Barclays boosted their price target on shares of Sonoco Products from $55.00 to $58.00 and gave the stock a “$56.02” rating in a report on Monday, July 23rd. Finally, DA Davidson boosted their price target on shares of Sonoco Products to $57.00 and gave the stock a “neutral” rating in a report on Friday, July 20th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Sonoco Products has an average rating of “Hold” and a consensus target price of $57.14.
Sonoco Products stock traded up $0.57 during midday trading on Monday, hitting $57.16. 514,526 shares of the stock were exchanged, compared to its average volume of 498,186. Sonoco Products has a 52-week low of $46.55 and a 52-week high of $57.22. The stock has a market cap of $5.58 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 3.60 and a beta of 1.07. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.53.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Shareholders of record on Friday, August 10th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Thursday, August 9th. Sonoco Products’s payout ratio is 58.78%.
In other news, VP Allan H. Mcleland sold 7,705 shares of the business’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $56.77, for a total value of $437,412.85. Following the sale, the vice president now owns 46,575 shares of the company’s stock, valued at $2,644,062.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Vicki B. Arthur sold 1,305 shares of the business’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $56.81, for a total transaction of $74,137.05. Following the completion of the sale, the senior vice president now directly owns 23,534 shares in the company, valued at approximately $1,336,966.54. The disclosure for this sale can be found here. In the last three months, insiders sold 30,133 shares of company stock worth $1,669,969. Insiders own 1.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Green Square Capital LLC raised its position in shares of Sonoco Products by 148.8% in the second quarter. Green Square Capital LLC now owns 32,885 shares of the industrial products company’s stock valued at $1,726,000 after purchasing an additional 19,668 shares during the period. MAI Capital Management bought a new stake in shares of Sonoco Products in the second quarter valued at approximately $214,000. California Public Employees Retirement System raised its position in shares of Sonoco Products by 8.2% in the second quarter. California Public Employees Retirement System now owns 308,124 shares of the industrial products company’s stock valued at $16,177,000 after purchasing an additional 23,314 shares during the period. Vident Investment Advisory LLC raised its position in shares of Sonoco Products by 4.2% in the second quarter. Vident Investment Advisory LLC now owns 24,019 shares of the industrial products company’s stock valued at $1,261,000 after purchasing an additional 968 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Sonoco Products by 5.3% in the second quarter. Bank of America Corp DE now owns 2,180,081 shares of the industrial products company’s stock valued at $114,454,000 after purchasing an additional 110,017 shares during the period. 70.50% of the stock is currently owned by institutional investors.
About Sonoco Products
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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