Sonoco Products (NYSE:SON) Releases FY 2024 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 5.000-5.300 for the period, compared to the consensus earnings per share estimate of 5.070. The company issued revenue guidance of -. Sonoco Products also updated its FY24 guidance to $5.00-$5.30 EPS.

Sonoco Products Stock Down 2.1 %

Shares of SON traded down $1.23 during midday trading on Tuesday, reaching $56.03. 515,877 shares of the company were exchanged, compared to its average volume of 431,165. The stock has a 50-day moving average price of $56.96 and a 200-day moving average price of $55.98. The company has a market cap of $5.50 billion, a price-to-earnings ratio of 11.67, 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. The company has a current ratio of 1.76, a quick ratio of 1.10 and a debt-to-equity ratio of 1.25.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.07. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. Sonoco Products’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.40 earnings per share. Research analysts expect that Sonoco Products will post 5.21 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid 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 yield of 3.71%. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s payout ratio is 42.50%.

Analyst Upgrades and Downgrades

SON has been the topic of a number of research 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 lowered their target price on shares of Sonoco Products from $58.00 to $56.00 and set an equal weight rating on the stock in a research report on Tuesday, February 20th. Finally, Citigroup decreased their price target on shares of 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 given a buy rating to the company. According to data from MarketBeat.com, Sonoco Products presently has an average rating of Moderate Buy and an average price target of $63.00.

Insider Buying and Selling

In other Sonoco Products news, VP Adam Wood sold 537 shares of Sonoco Products 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 owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Sonoco Products news, VP Adam Wood sold 537 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Russell K. Grissett sold 2,039 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total transaction of $114,306.34. Following the sale, the insider now directly owns 11,988 shares in the company, valued at $672,047.28. The disclosure for this sale can be found here. Insiders sold 13,076 shares of company stock worth $749,002 in the last quarter. Insiders own 0.51% of the company’s stock.

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.