Sonoco Products (NYSE:SON) Updates Q3 2024 Earnings Guidance

Sonoco Products (NYSE:SON) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.400-1.600 for the period, compared to the consensus earnings per share estimate of 1.430. The company issued revenue guidance of -. Sonoco Products also updated its FY 2024 guidance to 5.000-5.300 EPS.

Sonoco Products Stock Performance

Shares of SON traded up $0.68 during mid-day trading on Wednesday, reaching $53.87. The company had a trading volume of 1,131,141 shares, compared to its average volume of 572,261. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The company has a quick ratio of 0.83, a current ratio of 1.31 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $5.29 billion, a P/E ratio of 13.60, a PEG ratio of 2.30 and a beta of 0.68. The stock has a 50 day moving average of $54.60 and a two-hundred day moving average of $56.38.

Sonoco Products (NYSE:SON) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The firm had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the business earned $1.38 earnings per share. The company’s revenue was down 4.8% compared to the same quarter last year. On average, analysts expect that Sonoco Products will post 5.08 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.86%. Sonoco Products’s payout ratio is 52.53%.

Analysts Set New Price Targets

A number of research firms recently weighed in on SON. Wells Fargo & Company reduced their price target on Sonoco Products from $57.00 to $55.00 and set an equal weight rating for the company in a report on Wednesday, July 17th. Citigroup reduced their price target on Sonoco Products from $64.00 to $60.00 and set a buy rating for the company in a report on Monday, July 8th. Raymond James began coverage on Sonoco Products in a report on Friday, July 19th. They issued an outperform rating and a $62.00 price target for the company. Finally, StockNews.com cut Sonoco Products from a strong-buy rating to a buy rating in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has an average rating of Moderate Buy and a consensus price target of $59.00.

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.