Sonoco Products (NYSE:SON) Releases FY24 Earnings Guidance

Sonoco Products (NYSE:SON) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $5.00-$5.30 for the period, compared to the consensus estimate of $5.06. Sonoco Products also updated its Q2 guidance to $1.25-$1.35 EPS.

Sonoco Products Price Performance

Shares of NYSE SON traded down $1.21 during mid-day trading on Tuesday, reaching $56.05. The company’s stock had a trading volume of 514,973 shares, compared to its average volume of 431,154. 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 stock has a 50-day moving average of $56.96 and a two-hundred day moving average of $55.98. The stock has a market capitalization of $5.50 billion, a P/E ratio of 11.93, a P/E/G ratio of 2.17 and a beta of 0.68. Sonoco Products has a 1-year low of $49.98 and a 1-year high of $63.74.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data 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). Sonoco Products had a net margin of 7.00% and a return on equity of 22.42%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm posted $1.27 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Sonoco Products will post 5.21 EPS 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. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.71%. Sonoco Products’s dividend payout ratio is 42.50%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SON shares. Wells Fargo & Company decreased their price target on Sonoco Products from $58.00 to $56.00 and set an equal weight rating on the stock in a research note on Tuesday, February 20th. TheStreet downgraded shares of Sonoco Products from a b- rating to a c+ rating in a research report on Wednesday, February 14th. Finally, Citigroup lowered their target price on Sonoco Products from $66.00 to $65.00 and set a buy rating for the company in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Sonoco Products presently has a consensus rating of Moderate Buy and a consensus price target of $63.00.

Insider Activity

In other Sonoco Products 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 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 SEC, which is available through this hyperlink. In other news, insider Jeffrey S. Tomaszewski sold 10,500 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.53, for a total transaction of $604,065.00. Following the transaction, the insider now directly owns 13,456 shares in the company, valued at approximately $774,123.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the transaction, the insider now owns 11,988 shares in the company, valued at approximately $672,047.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,076 shares of company stock worth $749,002. 0.51% of the stock is currently owned by corporate insiders.

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.