Q2 2024 EPS Estimates for Sonoco Products Cut by Analyst (NYSE:SON)

Sonoco Products (NYSE:SON) – Stock analysts at Seaport Res Ptn lowered their Q2 2024 earnings estimates for Sonoco Products in a research report issued on Tuesday, June 25th. Seaport Res Ptn analyst M. Weintraub now forecasts that the industrial products company will post earnings per share of $1.30 for the quarter, down from their previous forecast of $1.35. The consensus estimate for Sonoco Products’ current full-year earnings is $5.10 per share. Seaport Res Ptn also issued estimates for Sonoco Products’ Q3 2024 earnings at $1.44 EPS, Q4 2024 earnings at $1.30 EPS, FY2024 earnings at $5.15 EPS and Q3 2025 earnings at $1.49 EPS.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter last year, the company posted $1.40 EPS.

A number of other equities analysts have also recently commented on the company. Wells Fargo & Company raised their target price on Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. StockNews.com raised shares of Sonoco Products from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Citigroup dropped 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. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

Sonoco Products Trading Down 1.8 %

SON opened at $50.72 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.31 and a debt-to-equity ratio of 1.08. The firm has a market cap of $4.98 billion, a P/E ratio of 12.81, a P/E/G ratio of 2.00 and a beta of 0.72. Sonoco Products has a 52 week low of $49.98 and a 52 week high of $61.73. The business has a fifty day simple moving average of $58.01 and a 200-day simple moving average of $57.27.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale lifted its stake in Sonoco Products by 16.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 52,649 shares of the industrial products company’s stock worth $2,986,000 after acquiring an additional 7,251 shares during the last quarter. Cetera Advisors LLC lifted its position in shares of Sonoco Products by 2.6% during the 1st quarter. Cetera Advisors LLC now owns 116,610 shares of the industrial products company’s stock worth $6,745,000 after purchasing an additional 2,904 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Sonoco Products by 3,413.0% during the first quarter. Cetera Investment Advisers now owns 130,788 shares of the industrial products company’s stock worth $7,565,000 after purchasing an additional 127,065 shares in the last quarter. Atria Investments Inc purchased a new position in Sonoco Products in the first quarter valued at $1,626,000. Finally, Tidal Investments LLC raised its stake in Sonoco Products by 9.7% in the first quarter. Tidal Investments LLC now owns 17,573 shares of the industrial products company’s stock valued at $1,016,000 after buying an additional 1,561 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.10%. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s dividend payout ratio (DPR) is currently 52.53%.

About Sonoco Products

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.