Sonoco Products (NYSE:SON) Announces Earnings Results
by Danessa Lincoln · The Markets DailySonoco Products (NYSE:SON – Get Free Report) released its earnings results on Tuesday. The industrial products company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04, FiscalAI reports. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.
Sonoco Products Trading Up 0.7%
SON opened at $51.66 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 0.80 and a beta of 0.54. Sonoco Products has a 12 month low of $38.65 and a 12 month high of $52.38. The stock has a fifty day moving average price of $46.69 and a 200-day moving average price of $44.47.
Sonoco Products Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be issued a $0.53 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.1%. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.
Analyst Upgrades and Downgrades
SON has been the subject of several research analyst reports. UBS Group lifted their price target on shares of Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. Jefferies Financial Group reduced their price objective on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Truist Financial upped their target price on Sonoco Products from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Wells Fargo & Company reissued an “equal weight” rating and set a $47.00 price target (down previously from $52.00) on shares of Sonoco Products in a research report on Tuesday, January 6th. Finally, Zacks Research upgraded Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and an average target price of $54.86.
Read Our Latest Stock Analysis on Sonoco Products
Institutional Trading of Sonoco Products
Several hedge funds have recently modified their holdings of SON. Larson Financial Group LLC boosted its holdings in shares of Sonoco Products by 1,826.9% in the 3rd quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company’s stock valued at $43,000 after buying an additional 950 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Sonoco Products during the 3rd quarter worth approximately $56,000. Parallel Advisors LLC lifted its position in Sonoco Products by 73.5% during the fourth quarter. Parallel Advisors LLC now owns 1,320 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 559 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Sonoco Products by 315.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 1,205 shares in the last quarter. Finally, State of Wyoming grew its holdings in Sonoco Products by 201.6% in the fourth quarter. State of Wyoming now owns 2,642 shares of the industrial products company’s stock worth $115,000 after purchasing an additional 1,766 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.
Sonoco Products Company Profile
Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.
With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.
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