Sonoco Products Company (SON) to Post FY2017 Earnings of $2.79 Per Share, KeyCorp Forecasts
Sonoco Products Company (NYSE:SON) – KeyCorp boosted their FY2017 earnings per share estimates for Sonoco Products in a report issued on Thursday. KeyCorp analyst A. Josephson now forecasts that the industrial products company will post earnings of $2.79 per share for the year, up from their prior forecast of $2.75. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Sonoco Products’ Q4 2017 earnings at $0.72 EPS.
Several other equities analysts also recently issued reports on the stock. Bank of America Corporation raised shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, September 6th. Vertical Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Robert W. Baird reaffirmed a “buy” rating and set a $60.00 price target on shares of Sonoco Products in a research note on Friday, September 1st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research note on Thursday, September 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $52.00.
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Sonoco Products (NYSE SON) opened at 53.11 on Monday. The company has a 50-day moving average of $50.01 and a 200 day moving average of $50.48. Sonoco Products has a 52-week low of $47.10 and a 52-week high of $55.58. The company has a market cap of $5.28 billion, a PE ratio of 20.16 and a beta of 1.13.
Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.02. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company posted $0.72 EPS. Sonoco Products’s revenue was up 9.6% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Viking Fund Management LLC bought a new position in Sonoco Products during the third quarter worth $1,514,000. Mutual of America Capital Management LLC raised its stake in Sonoco Products by 3.3% during the third quarter. Mutual of America Capital Management LLC now owns 81,899 shares of the industrial products company’s stock worth $4,132,000 after buying an additional 2,634 shares during the last quarter. Curbstone Financial Management Corp raised its stake in Sonoco Products by 99.7% during the third quarter. Curbstone Financial Management Corp now owns 29,800 shares of the industrial products company’s stock worth $1,503,000 after buying an additional 14,875 shares during the last quarter. Verition Fund Management LLC raised its stake in Sonoco Products by 238.3% during the second quarter. Verition Fund Management LLC now owns 10,373 shares of the industrial products company’s stock worth $533,000 after buying an additional 17,873 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Sonoco Products by 1.2% during the second quarter. Ameritas Investment Partners Inc. now owns 39,341 shares of the industrial products company’s stock worth $2,022,000 after buying an additional 485 shares during the last quarter. 72.46% of the stock is owned by institutional investors and hedge funds.
In related news, VP Marcy J. Thompson sold 565 shares of Sonoco Products stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total transaction of $28,815.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Thursday, November 9th. Sonoco Products’s dividend payout ratio is presently 57.35%.
About Sonoco Products
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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