Sonoco Products (NYSE:SON) Raises Dividend to $0.53 Per Share

Sonoco Products (NYSE:SON - Get Free Report) declared a quarterly dividend on Wednesday, April 16th, RTT News reports. Shareholders of record on Friday, May 9th will be paid a dividend of 0.53 per share by the industrial products company on Tuesday, June 10th. This represents a $2.12 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Friday, May 9th. This is a 1.9% increase from Sonoco Products's previous quarterly dividend of $0.52.

Sonoco Products has increased its dividend by an average of 4.8% per year over the last three years. Sonoco Products has a payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Sonoco Products to earn $6.85 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 30.4%.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.43 during trading hours on Friday, reaching $43.85. 643,274 shares of the company's stock were exchanged, compared to its average volume of 748,078. The business has a fifty day moving average of $45.91 and a two-hundred day moving average of $48.79. The company has a market capitalization of $4.32 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 0.76 and a beta of 0.64. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 1 year low of $39.46 and a 1 year high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.01). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. As a group, research analysts predict that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Insider Activity at Sonoco Products

In other Sonoco Products news, Director John R. Haley acquired 3,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average price of $46.76 per share, with a total value of $140,280.00. Following the completion of the purchase, the director now owns 18,558 shares in the company, valued at $867,772.08. This trade represents a 19.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO R. Howard Coker acquired 20,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $46.10 per share, with a total value of $922,000.00. Following the acquisition, the chief executive officer now directly owns 482,365 shares of the company's stock, valued at approximately $22,237,026.50. This represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.74% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on SON shares. StockNews.com upgraded Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Truist Financial dropped their price target on shares of Sonoco Products from $68.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Bank of America upped their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a report on Monday, January 6th. Wells Fargo & Company reduced their target price on Sonoco Products from $50.00 to $48.00 and set an "underweight" rating on the stock in a research report on Monday, February 24th. Finally, Citigroup cut their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $58.50.

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.