Sonoco Products (NYSE:SON) Issues FY24 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.00-$5.30 for the period, compared to the consensus EPS estimate of $5.06. Sonoco Products also updated its Q2 guidance to $1.25-$1.35 EPS.

Sonoco Products Price Performance

Shares of SON stock traded down $1.21 on Tuesday, reaching $56.05. The company’s stock had a trading volume of 514,973 shares, compared to its average volume of 431,154. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. Sonoco Products has a 12-month low of $49.98 and a 12-month high of $63.74. The company has a market capitalization of $5.50 billion, a P/E ratio of 11.93, a PEG ratio of 2.17 and a beta of 0.68. The stock’s 50 day simple moving average is $56.96 and its 200-day simple moving average is $55.98.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 EPS. As a group, equities analysts predict that Sonoco Products will post 5.21 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.71%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date is Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 42.50%.

Wall Street Analyst Weigh In

SON has been the subject of a number of recent analyst reports. Citigroup decreased their price objective on shares of Sonoco Products from $66.00 to $65.00 and set a buy rating for the company in a report on Thursday, April 4th. Wells Fargo & Company cut their price objective on Sonoco Products from $58.00 to $56.00 and set an equal weight rating for the company in a report on Tuesday, February 20th. Finally, TheStreet lowered Sonoco Products from a b- rating to a c+ rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Sonoco Products presently has a consensus rating of Moderate Buy and a consensus target price of $63.00.

Insider Buying and Selling

In other Sonoco Products news, VP Adam Wood sold 537 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total transaction of $30,630.48. Following the sale, the vice president now directly owns 28,273 shares of the company’s stock, valued at $1,612,691.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Russell K. Grissett sold 2,039 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the transaction, the insider now owns 11,988 shares of the company’s stock, valued at $672,047.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Adam Wood sold 537 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the transaction, the vice president now directly owns 28,273 shares in the company, valued at approximately $1,612,691.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,076 shares of company stock worth $749,002. Corporate insiders own 0.51% of the company’s stock.

Sonoco Products Company Profile

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.