Sonoco Products (NYSE:SON) released its quarterly earnings results on Thursday. The industrial products company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.02), Morningstar.com reports. Sonoco Products had a net margin of 5.61% and a return on equity of 19.55%. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the business earned $0.93 EPS. The business’s revenue was down .5% on a year-over-year basis.
NYSE:SON opened at $60.92 on Friday. The firm has a 50-day simple moving average of $64.79. Sonoco Products has a twelve month low of $50.30 and a twelve month high of $66.57. The stock has a market cap of $6.09 billion, a PE ratio of 17.41, a P/E/G ratio of 3.64 and a beta of 0.94. The company has a current ratio of 1.24, a quick ratio of 0.91 and a debt-to-equity ratio of 0.64.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $1.72 annualized dividend and a dividend yield of 2.82%. Sonoco Products’s payout ratio is currently 51.04%.
In related news, SVP Rodger D. Fuller sold 5,085 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $60.25, for a total transaction of $306,371.25. Following the transaction, the senior vice president now directly owns 72,978 shares of the company’s stock, valued at approximately $4,396,924.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Roger P. Schrum sold 812 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total value of $50,547.00. Following the transaction, the vice president now directly owns 7,938 shares in the company, valued at $494,140.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,381 shares of company stock worth $758,537. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rowland & Co. Investment Counsel ADV raised its holdings in shares of Sonoco Products by 48.5% during the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 60,469 shares of the industrial products company’s stock valued at $3,721,000 after buying an additional 19,749 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in Sonoco Products by 0.9% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 142,037 shares of the industrial products company’s stock worth $8,740,000 after acquiring an additional 1,308 shares during the last quarter. Two Sigma Advisers LP grew its position in Sonoco Products by 94.2% during the 4th quarter. Two Sigma Advisers LP now owns 35,400 shares of the industrial products company’s stock worth $1,881,000 after acquiring an additional 17,176 shares during the last quarter. Pratt Collard Advisory Partners LLC bought a new position in Sonoco Products during the 1st quarter worth approximately $229,000. Finally, Geode Capital Management LLC grew its position in Sonoco Products by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock worth $52,284,000 after acquiring an additional 61,583 shares during the last quarter. 73.87% of the stock is currently owned by institutional investors.
Several research firms have weighed in on SON. BMO Capital Markets set a $76.00 price target on Gilead Sciences and gave the company a “buy” rating in a report on Monday, July 15th. Vertical Research cut Sonoco Products from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a report on Thursday. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Wednesday, April 24th. Finally, Bank of America set a $80.00 price target on Colgate-Palmolive and gave the company a “buy” rating in a report on Friday, July 12th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $59.17.
About Sonoco Products
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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