Sonoco Products Company (NYSE:SON) Issues Earnings Results
Sonoco Products Company (NYSE:SON) posted its quarterly earnings results on Thursday. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.01, Bloomberg Earnings reports. Sonoco Products had a return on equity of 17.10% and a net margin of 5.93%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned $0.73 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Sonoco Products updated its Q3 guidance to $0.71-0.77 EPS and its FY17 guidance to $2.73-2.80 EPS.
Sonoco Products (NYSE SON) opened at 52.40 on Thursday. Sonoco Products has a one year low of $49.50 and a one year high of $55.58. The company has a 50-day moving average price of $51.26 and a 200-day moving average price of $52.54. The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 19.04 and a beta of 1.14.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 11th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.94%. Sonoco Products’s dividend payout ratio (DPR) is 56.52%.
In other Sonoco Products news, VP Marcy J. Thompson sold 940 shares of Sonoco Products 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 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 Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Sonoco Products during the fourth quarter valued at approximately $46,593,000. Teachers Advisors LLC boosted its stake in shares of Sonoco Products by 9.5% in the fourth quarter. Teachers Advisors LLC now owns 106,108 shares of the industrial products company’s stock valued at $5,592,000 after buying an additional 9,179 shares during the period. Manning & Napier Advisors LLC boosted its stake in shares of Sonoco Products by 172.3% in the first quarter. Manning & Napier Advisors LLC now owns 49,542 shares of the industrial products company’s stock valued at $2,620,000 after buying an additional 31,345 shares during the period. CHURCHILL MANAGEMENT Corp boosted its stake in shares of Sonoco Products by 2.0% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 39,036 shares of the industrial products company’s stock valued at $2,066,000 after buying an additional 754 shares during the period. Finally, Creative Planning boosted its stake in shares of Sonoco Products by 5.8% in the first quarter. Creative Planning now owns 5,626 shares of the industrial products company’s stock valued at $298,000 after buying an additional 309 shares during the period. 74.12% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on SON shares. Barclays PLC reaffirmed an “overweight” rating on shares of Sonoco Products in a research report on Friday, April 14th. Jefferies Group LLC restated a “neutral” rating on shares of Sonoco Products in a research note on Wednesday, June 28th. Zacks Investment Research upgraded Sonoco Products from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Thursday, June 22nd. Robert W. Baird upgraded Sonoco Products from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $55.00 to $60.00 in a research note on Wednesday. Finally, DA Davidson raised Sonoco Products from an “underperform” rating to a “neutral” rating and upped their target price for the company from $48.00 to $54.00 in a report on Friday, April 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $50.14.
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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