Seaport Res Ptn Weighs in on Sonoco Products’ Q2 2024 Earnings (NYSE:SON)

Sonoco Products (NYSE:SON) – Equities research analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share (EPS) estimates for Sonoco Products in a research note issued to investors on Tuesday, June 25th. Seaport Res Ptn analyst M. Weintraub now anticipates that the industrial products company will post earnings of $1.30 per share for the quarter, down from their prior forecast of $1.35. The consensus estimate for Sonoco Products’ current full-year earnings is $5.19 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 issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.40 earnings per share.

Several other research analysts have also weighed in on the company. Wells Fargo & Company boosted their price target on Sonoco Products from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Citigroup reduced their target price on Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, StockNews.com upgraded Sonoco Products from a “buy” rating to a “strong-buy” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and a consensus target price of $63.33.

Sonoco Products Stock Down 0.6 %

NYSE:SON opened at $51.66 on Thursday. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 1.98 and a beta of 0.72. Sonoco Products has a twelve month low of $49.98 and a twelve month high of $61.73. The stock’s 50 day moving average price is $58.23 and its two-hundred day moving average price is $57.33. The company has a quick ratio of 0.83, a current ratio of 1.31 and a debt-to-equity ratio of 1.08.

Hedge Funds Weigh In On Sonoco Products

A number of institutional investors have recently modified their holdings of SON. Rise Advisors LLC acquired a new position in shares of Sonoco Products during the 1st quarter worth $26,000. Bruce G. Allen Investments LLC acquired a new position in Sonoco Products in the 4th quarter worth about $28,000. FinTrust Capital Advisors LLC increased its holdings in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 216 shares in the last quarter. Burkett Financial Services LLC acquired a new position in Sonoco Products in the 4th quarter worth about $30,000. Finally, TFO Wealth Partners LLC grew its position in shares of Sonoco Products by 12,183.3% in the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after buying an additional 731 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.03%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s payout ratio is 52.53%.

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.