Key Points
- Ernest Haynes III sold 1,581 shares of Sonoco Products (NYSE:SON) on Feb. 27 at an average price of $56.39 for $89,152.59, reducing his holding by 14.43% to 9,377 shares — the sale was disclosed in an SEC filing.
- Sonoco beat quarterly expectations with EPS of $1.05 (vs. $1.01 est.) and revenue of $1.77 billion (up 29.7% YoY), and declared a $0.53 quarterly dividend (annualized $2.12, ~3.8% yield; ex-dividend Feb. 25, payable Mar. 10).
- The stock trades at a P/E of about 5.6 with a $5.57 billion market cap; analysts are mixed—Citigroup raised its target to $70 (buy), but the consensus rating is a Hold with a $62.63 price target.
Sonoco Products Company (NYSE:SON - Get Free Report) insider Ernest Haynes III sold 1,581 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $56.39, for a total transaction of $89,152.59. Following the transaction, the insider owned 9,377 shares of the company's stock, valued at $528,769.03. This represents a 14.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Sonoco Products Stock Performance
NYSE SON opened at $56.48 on Friday. The firm has a market cap of $5.57 billion, a P/E ratio of 5.61, a price-to-earnings-growth ratio of 1.12 and a beta of 0.54. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04. The company's 50 day moving average is $49.21 and its 200-day moving average is $45.20. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $58.44.
Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the business earned $1.17 EPS. Sonoco Products's revenue was up 29.7% compared to the same quarter last year. Sell-side analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.
Sonoco Products Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a yield of 3.8%. Sonoco Products's dividend payout ratio is 21.05%.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on SON. Citigroup upped their price target on Sonoco Products from $52.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Raymond James Financial set a $60.00 price objective on shares of Sonoco Products in a research note on Monday, January 5th. Robert W. Baird raised their price target on shares of Sonoco Products from $48.00 to $60.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Bank of America upgraded shares of Sonoco Products from a "neutral" rating to a "buy" rating and boosted their price target for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Finally, Wells Fargo & Company increased their price objective on Sonoco Products from $47.00 to $60.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 18th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $62.63.
Check Out Our Latest Research Report on Sonoco Products
Hedge Funds Weigh In On Sonoco Products
A number of institutional investors have recently made changes to their positions in SON. Anchor Investment Management LLC raised its position in shares of Sonoco Products by 1.1% during the 4th quarter. Anchor Investment Management LLC now owns 42,332 shares of the industrial products company's stock valued at $1,847,000 after buying an additional 453 shares in the last quarter. Invesco Ltd. raised its position in Sonoco Products by 13.5% during the fourth quarter. Invesco Ltd. now owns 1,498,703 shares of the industrial products company's stock valued at $65,403,000 after purchasing an additional 178,638 shares in the last quarter. Ameriflex Group Inc. lifted its stake in Sonoco Products by 82.1% during the fourth quarter. Ameriflex Group Inc. now owns 1,639 shares of the industrial products company's stock worth $72,000 after purchasing an additional 739 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Sonoco Products by 22.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 34,582 shares of the industrial products company's stock worth $1,509,000 after purchasing an additional 6,345 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Sonoco Products in the 4th quarter worth about $922,000. Institutional investors own 77.69% of the company's stock.
About Sonoco Products
(
Get Free Report)
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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