Q2 2024 Earnings Estimate for Sonoco Products (NYSE:SON) Issued By Seaport Res Ptn

Sonoco Products (NYSE:SON) – Research analysts at Seaport Res Ptn dropped their Q2 2024 earnings estimates for shares of Sonoco Products in a research report issued 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 estimate of $1.35. The consensus estimate for Sonoco Products’ current full-year earnings is $5.10 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 quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.07. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.40 earnings per share.

A number of other equities research analysts have also recently commented on SON. StockNews.com upgraded shares of Sonoco Products from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Wells Fargo & Company raised their target price on Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Citigroup dropped their price target on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.33.

Sonoco Products Stock Performance

Shares of SON stock opened at $50.72 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.31 and a debt-to-equity ratio of 1.08. Sonoco Products has a 52 week low of $49.98 and a 52 week high of $61.73. The firm has a 50 day moving average of $58.01 and a 200-day moving average of $57.27. The company has a market cap of $4.98 billion, a price-to-earnings ratio of 12.81, a price-to-earnings-growth ratio of 2.00 and a beta of 0.72.

Hedge Funds Weigh In On Sonoco Products

A number of hedge funds have recently added to or reduced their stakes in SON. Quadrature Capital Ltd purchased a new position in shares of Sonoco Products during the fourth quarter valued at approximately $969,000. Vanguard Group Inc. grew its stake in shares of Sonoco Products by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,969,740 shares of the industrial products company’s stock worth $596,205,000 after acquiring an additional 64,047 shares in the last quarter. Brown Advisory Inc. raised its holdings in shares of Sonoco Products by 105.0% in the fourth quarter. Brown Advisory Inc. now owns 724,637 shares of the industrial products company’s stock valued at $40,485,000 after purchasing an additional 371,096 shares during the last quarter. Speece Thorson Capital Group Inc. lifted its position in shares of Sonoco Products by 18.2% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company’s stock valued at $14,863,000 after purchasing an additional 41,006 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in Sonoco Products by 49.7% during the fourth quarter. Invenomic Capital Management LP now owns 97,813 shares of the industrial products company’s stock worth $5,465,000 after purchasing an additional 32,460 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 announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date was Thursday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. Sonoco Products’s dividend payout ratio is currently 52.53%.

About Sonoco Products

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.