Sonoco Products (NYSE:SON) Reaches New 12-Month Low After Earnings Miss

Sonoco Products (NYSE:SON) shares reached a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $44.36 and last traded at $46.35, with a volume of 217840 shares trading hands. The stock had previously closed at $48.14.

The industrial products company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Wall Street Analyst Weigh In

SON has been the subject of a number of recent research reports. Citigroup lowered their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Truist Financial lifted their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company dropped their price target on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Robert W. Baird reduced their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Bank of America boosted their target price on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Insider Activity at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Sonoco Products

A number of institutional investors have recently made changes to their positions in the stock. Kennebec Savings Bank bought a new position in Sonoco Products during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products during the 3rd quarter valued at $33,000. Colonial Trust Co SC boosted its stake in shares of Sonoco Products by 90.6% in the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock worth $47,000 after buying an additional 453 shares during the last quarter. Quarry LP boosted its stake in shares of Sonoco Products by 111.3% in the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock worth $47,000 after buying an additional 511 shares during the last quarter. Finally, True Wealth Design LLC increased its position in Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 950 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

The company has a market cap of $4.56 billion, a PE ratio of 15.96, a PEG ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The business has a 50-day moving average of $48.34 and a 200 day moving average of $51.08.

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.