Sonoco Products (NYSE:SON) to Post FY2024 Earnings of $5.28 Per Share, Zacks Research Forecasts

Sonoco Products (NYSE:SON - Free Report) - Investment analysts at Zacks Research lifted their FY2024 earnings estimates for shares of Sonoco Products in a research note issued to investors on Monday, April 1st. Zacks Research analyst S. Deb now anticipates that the industrial products company will earn $5.28 per share for the year, up from their prior forecast of $5.26. The consensus estimate for Sonoco Products' current full-year earnings is $5.25 per share.

SON has been the subject of a number of other reports. TheStreet downgraded shares of Sonoco Products from a "b-" rating to a "c+" rating in a research note on Wednesday, February 14th. 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 note on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Moderate Buy" and an average target price of $63.00.

Sonoco Products Stock Down 1.0 %

NYSE SON traded down $0.55 on Wednesday, reaching $56.95. The company had a trading volume of 424,109 shares, compared to its average volume of 442,380. The company's fifty day moving average is $56.99 and its 200-day moving average is $55.61. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.10 and a current ratio of 1.76. The firm has a market capitalization of $5.59 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 2.19 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. Sonoco Products's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.27 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SON. Treasurer of the State of North Carolina grew its stake in shares of Sonoco Products by 0.4% during the second quarter. Treasurer of the State of North Carolina now owns 42,717 shares of the industrial products company's stock worth $2,521,000 after buying an additional 180 shares during the last quarter. Captrust Financial Advisors grew its stake in shares of Sonoco Products by 0.9% during the second quarter. Captrust Financial Advisors now owns 21,341 shares of the industrial products company's stock worth $1,260,000 after buying an additional 189 shares during the last quarter. Johnson Investment Counsel Inc. grew its stake in shares of Sonoco Products by 0.6% during the third quarter. Johnson Investment Counsel Inc. now owns 31,339 shares of the industrial products company's stock worth $1,703,000 after buying an additional 200 shares during the last quarter. Curbstone Financial Management Corp grew its stake in shares of Sonoco Products by 0.7% during the fourth quarter. Curbstone Financial Management Corp now owns 27,550 shares of the industrial products company's stock worth $1,539,000 after buying an additional 200 shares during the last quarter. Finally, Creative Planning grew its stake in shares of Sonoco Products by 2.3% during the third quarter. Creative Planning now owns 9,080 shares of the industrial products company's stock worth $494,000 after buying an additional 200 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Insider Transactions at Sonoco Products

In other news, insider Russell K. Grissett sold 2,039 shares of the firm'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 transaction of $114,306.34. Following the transaction, the insider now directly owns 11,988 shares of the company's stock, valued at $672,047.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Russell K. Grissett sold 2,039 shares of Sonoco Products 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 of the company's stock, valued at $672,047.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey S. Tomaszewski sold 10,500 shares of Sonoco Products stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 13,456 shares in the company, valued at $774,123.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,076 shares of company stock valued at $749,002. 0.51% of the stock is currently owned by company insiders.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Wednesday, February 28th were issued a dividend of $0.51 per share. The ex-dividend date was Tuesday, February 27th. This represents a $2.04 annualized dividend and a dividend yield of 3.58%. Sonoco Products's dividend payout ratio is presently 42.50%.

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.