Analysts Expect Sonoco Products Co (SON) Will Post Quarterly Sales of $1.22 Billion
Wall Street analysts expect Sonoco Products Co (NYSE:SON) to announce $1.22 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Sonoco Products’ earnings. The lowest sales estimate is $1.19 billion and the highest is $1.26 billion. Sonoco Products reported sales of $1.21 billion in the same quarter last year, which would suggest a positive year over year growth rate of 0.8%. The business is scheduled to issue its next earnings results on Thursday, July 20th.
According to Zacks, analysts expect that Sonoco Products will report full year sales of $1.22 billion for the current financial year, with estimates ranging from $4.77 billion to $4.87 billion. For the next year, analysts expect that the company will post sales of $4.93 billion per share, with estimates ranging from $4.82 billion to $5 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Sonoco Products.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, April 20th. The industrial products company reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.02. Sonoco Products had a net margin of 5.99% and a return on equity of 17.59%. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company posted $0.65 EPS. The firm’s revenue was down 4.4% compared to the same quarter last year.
Several research firms have recently issued reports on SON. Zacks Investment Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Thursday, March 9th. DA Davidson raised shares of Sonoco Products from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $48.00 to $54.00 in a research report on Friday, April 21st. KeyCorp reissued a “hold” rating on shares of Sonoco Products in a research report on Thursday, February 9th. Jefferies Group LLC reissued a “hold” rating and issued a $48.00 price objective (up previously from $47.00) on shares of Sonoco Products in a research report on Sunday, April 23rd. Finally, Barclays PLC reissued an “overweight” rating on shares of Sonoco Products in a research report on Friday, April 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.33.
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Sonoco Products (NYSE:SON) opened at 51.00 on Friday. The stock has a market cap of $5.07 billion, a PE ratio of 18.53 and a beta of 1.12. The firm has a 50-day moving average of $51.67 and a 200 day moving average of $53.10. Sonoco Products has a 12 month low of $45.67 and a 12 month high of $55.58.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Friday, May 12th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 3.06%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Wednesday, May 10th. Sonoco Products’s dividend payout ratio (DPR) is presently 52.48%.
In related news, VP Marcy J. Thompson sold 940 shares of the firm’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $53.28, for a total transaction of $50,083.20. Following the completion of the sale, the vice president now directly owns 8,489 shares of the company’s stock, valued at approximately $452,293.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP R. Howard Coker sold 9,691 shares of the firm’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $53.35, for a total transaction of $517,014.85. Following the sale, the senior vice president now directly owns 149,340 shares of the company’s stock, valued at $7,967,289. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,187 shares of company stock valued at $597,400. Company insiders own 1.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in SON. Comerica Bank raised its stake in Sonoco Products by 6.0% in the fourth quarter. Comerica Bank now owns 81,004 shares of the industrial products company’s stock worth $4,417,000 after buying an additional 4,552 shares during the last quarter. Sicart Associates LLC purchased a new stake in Sonoco Products during the fourth quarter worth $422,000. National Planning Corp raised its stake in Sonoco Products by 0.3% in the fourth quarter. National Planning Corp now owns 12,568 shares of the industrial products company’s stock worth $690,000 after buying an additional 37 shares during the last quarter. Cadence Capital Management LLC raised its stake in Sonoco Products by 8.7% in the fourth quarter. Cadence Capital Management LLC now owns 11,227 shares of the industrial products company’s stock worth $592,000 after buying an additional 898 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in Sonoco Products during the fourth quarter worth $4,770,000. 69.86% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Company Profile
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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