Sonoco Products (NYSE:SON) Updates FY 2024 Earnings Guidance

by · The Cerbat Gem

Sonoco Products (NYSE:SON – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 5.050-5.250 for the period, compared to the consensus EPS estimate of 5.020. The company issued revenue guidance of -. Sonoco Products also updated its Q4 guidance to $1.15-$1.35 EPS.

Sonoco Products Stock Performance

SON stock traded up $0.07 during trading on Thursday, hitting $52.54. The company had a trading volume of 911,369 shares, compared to its average volume of 612,481. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The firm has a market cap of $5.16 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 2.22 and a beta of 0.68. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The firm has a 50-day moving average price of $54.09 and a 200-day moving average price of $54.63.

Sonoco Products (NYSE:SON – Get Free Report) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same period last year, the company earned $1.38 earnings per share. The company’s quarterly revenue was down 4.8% on a year-over-year basis. On average, analysts expect that Sonoco Products will post 5 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s payout ratio is 55.91%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Raymond James initiated coverage on shares of Sonoco Products in a research report on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. Citigroup boosted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, StockNews.com downgraded shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating and three have assigned a 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 $59.00.

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Sonoco Products Company Profile

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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.

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