Sonoco Products (NYSE:SON) Announces Earnings Results

Sonoco Products (NYSE:SON) issued its earnings results on Wednesday. The industrial products company reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07), FiscalAI reports. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.07 billion.

Sonoco Products Stock Up 0.5%

Shares of NYSE:SON traded up $0.24 during trading on Wednesday, reaching $51.07. The stock had a trading volume of 1,460,815 shares, compared to its average volume of 1,156,364. Sonoco Products has a one year low of $38.65 and a one year high of $60.67. The company has a market capitalization of $5.05 billion, a P/E ratio of 8.12, a PEG ratio of 1.28 and a beta of 0.35. The company has a current ratio of 0.99, a quick ratio of 0.55 and a debt-to-equity ratio of 0.97. The firm’s 50-day simple moving average is $51.82 and its 200 day simple moving average is $52.60.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 10th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, November 10th. Sonoco Products’s dividend payout ratio is presently 34.34%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Sonoco Products from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday. Bank of America downgraded shares of Sonoco Products from a “buy” rating to a “neutral” rating and cut their target price for the company from $69.00 to $60.00 in a research report on Thursday, September 3rd. Citigroup boosted their price target on shares of Sonoco Products from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Weiss Ratings cut shares of Sonoco Products from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. Finally, UBS Group lowered their price target on shares of Sonoco Products from $61.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Four research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.89.

Sonoco Products Company Profile

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.