Sonoco Products Company (SON) Expected to Announce Quarterly Sales of $1.23 Billion
Equities research analysts expect that Sonoco Products Company (NYSE:SON) will announce sales of $1.23 billion for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Sonoco Products’ earnings, with estimates ranging from $1.16 billion to $1.30 billion. Sonoco Products reported sales of $1.14 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 7.9%. The company is expected to issue its next earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Sonoco Products will report full-year sales of $1.23 billion for the current fiscal year, with estimates ranging from $4.81 billion to $5.02 billion. For the next year, analysts forecast that the firm will report sales of $5.12 billion per share, with estimates ranging from $5.00 billion to $5.29 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Sonoco Products.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Sonoco Products had a return on equity of 16.40% and a net margin of 5.63%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the business earned $0.72 EPS. The business’s revenue for the quarter was up 9.6% on a year-over-year basis.
Several analysts have recently weighed in on SON shares. 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 investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Sonoco Products currently has a consensus rating of “Hold” and an average target price of $52.00.
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In other news, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the sale, the senior vice president now directly owns 33,998 shares of the company’s stock, valued at $1,801,894. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Marcy J. Thompson sold 565 shares of the business’s 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 disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in SON. Vanguard Group Inc. grew its holdings in shares of Sonoco Products by 15.5% during the first quarter. Vanguard Group Inc. now owns 9,516,077 shares of the industrial products company’s stock valued at $503,591,000 after buying an additional 1,280,470 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Sonoco Products during the second quarter valued at $42,170,000. Renaissance Technologies LLC grew its holdings in shares of Sonoco Products by 455.3% during the second quarter. Renaissance Technologies LLC now owns 806,800 shares of the industrial products company’s stock valued at $41,486,000 after buying an additional 661,500 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Sonoco Products during the second quarter valued at $33,327,000. Finally, American Century Companies Inc. grew its holdings in shares of Sonoco Products by 13.1% during the second quarter. American Century Companies Inc. now owns 2,229,967 shares of the industrial products company’s stock valued at $114,665,000 after buying an additional 257,969 shares during the last quarter. 71.74% of the stock is currently owned by hedge funds and other institutional investors.
Sonoco Products (NYSE:SON) opened at 52.38 on Tuesday. Sonoco Products has a 12-month low of $47.10 and a 12-month high of $55.58. The firm’s 50 day moving average price is $50.11 and its 200-day moving average price is $50.45. The stock has a market cap of $5.21 billion, a P/E ratio of 19.89 and a beta of 1.13.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.98%. The ex-dividend date is Thursday, November 9th. Sonoco Products’s dividend payout ratio is currently 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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