Sonoco Products (NYSE:SON) Updates Q2 Earnings Guidance

Sonoco Products (NYSE:SONGet Rating) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.20-1.30 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.14. Sonoco Products also updated its FY 2022 guidance to $5.250-$5.450 EPS.

NYSE:SON opened at $65.91 on Thursday. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of -77.54, a price-to-earnings-growth ratio of 2.57 and a beta of 0.76. Sonoco Products has a 12-month low of $54.34 and a 12-month high of $69.83. The company has a current ratio of 1.09, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average is $59.77 and its two-hundred day moving average is $59.28.

Sonoco Products (NYSE:SONGet Rating) last posted its quarterly earnings results on Thursday, February 10th. The industrial products company reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Sonoco Products had a negative net margin of 1.53% and a positive return on equity of 19.11%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm posted $0.82 earnings per share. Sonoco Products’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, equities research analysts forecast that Sonoco Products will post 4.96 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Tuesday, May 10th will be paid a dividend of $0.49 per share. This is a boost from Sonoco Products’s previous quarterly dividend of $0.45. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.97%. Sonoco Products’s payout ratio is currently -211.76%.

A number of research firms recently issued reports on SON. Zacks Investment Research raised Sonoco Products from a hold rating to a buy rating and set a $59.00 target price on the stock in a report on Monday, December 27th. BMO Capital Markets reissued a hold rating and issued a $65.00 price target on shares of Sonoco Products in a research note on Wednesday, December 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on Sonoco Products from $63.00 to $65.00 in a research note on Monday. UBS Group dropped their price target on Sonoco Products from $64.00 to $60.00 and set a neutral rating on the stock in a research note on Tuesday, January 4th. Finally, Seaport Res Ptn reaffirmed a buy rating on shares of Sonoco Products in a research note on Friday, February 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $63.14.

In other Sonoco Products news, VP Harold G. Cummings III purchased 2,200 shares of the business’s stock in a transaction dated Tuesday, February 15th. The stock was bought at an average cost of $56.45 per share, for a total transaction of $124,190.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.47% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the business. LPL Financial LLC lifted its stake in shares of Sonoco Products by 6.3% during the third quarter. LPL Financial LLC now owns 20,047 shares of the industrial products company’s stock valued at $1,194,000 after acquiring an additional 1,183 shares during the period. Goldman Sachs Group Inc. lifted its stake in Sonoco Products by 49.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 306,816 shares of the industrial products company’s stock valued at $17,762,000 after buying an additional 101,470 shares during the period. Guggenheim Capital LLC lifted its stake in Sonoco Products by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 10,417 shares of the industrial products company’s stock valued at $603,000 after buying an additional 655 shares during the period. Marshall Wace LLP acquired a new position in Sonoco Products in the fourth quarter valued at about $347,000. Finally, Legal & General Group Plc lifted its stake in Sonoco Products by 0.3% in the fourth quarter. Legal & General Group Plc now owns 208,939 shares of the industrial products company’s stock valued at $12,095,000 after buying an additional 602 shares during the period. Hedge funds and other institutional investors own 77.25% of the company’s stock.

Sonoco Products Company Profile (Get Rating)

Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through two segments: Consumer Packaging and Industrial Paper Packaging. The Consumer Packaging segment round and shaped rigid paper containers; metal and peelable membrane ends and closures; thermoformed plastic trays and containers; printed flexible packaging; and global brand artwork management.

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