Sonoco Products (NYSE:SON) to Post Q3 2024 Earnings of $1.49 Per Share, Seaport Res Ptn Forecasts

Sonoco Products (NYSE:SON) – Analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share (EPS) estimates for Sonoco Products in a research note issued to investors on Tuesday, August 6th. Seaport Res Ptn analyst M. Weintraub now expects that the industrial products company will earn $1.49 per share for the quarter, up from their prior forecast of $1.44. The consensus estimate for Sonoco Products’ current full-year earnings is $5.09 per share.

A number of other equities analysts have also recently commented on SON. Wells Fargo & Company dropped their target price on Sonoco Products from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Raymond James began coverage on Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price target for the company. Finally, Citigroup decreased their price target on Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, July 8th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Sonoco Products Stock Performance

NYSE SON opened at $48.99 on Friday. The stock has a market capitalization of $4.81 billion, a PE ratio of 12.37, a P/E/G ratio of 1.93 and a beta of 0.68. The business has a 50 day simple moving average of $53.19 and a two-hundred day simple moving average of $56.04. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73.

Sonoco Products (NYSE:SON) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.02. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.69 billion. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the company earned $1.38 EPS.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, August 9th. Sonoco Products’s payout ratio is 52.53%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. grew its stake in Sonoco Products by 10.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 24,335 shares of the industrial products company’s stock worth $1,360,000 after buying an additional 2,342 shares during the last quarter. DAVENPORT & Co LLC purchased a new position in Sonoco Products during the 4th quarter worth $207,000. International Assets Investment Management LLC grew its stake in Sonoco Products by 5,486.7% during the 4th quarter. International Assets Investment Management LLC now owns 9,274 shares of the industrial products company’s stock worth $518,000 after buying an additional 9,108 shares during the last quarter. Custom Index Systems LLC purchased a new position in Sonoco Products during the 4th quarter worth $407,000. Finally, Perigon Wealth Management LLC purchased a new position in Sonoco Products during the 4th quarter worth $370,000. 77.69% of the stock is owned by institutional investors.

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.