Shares of Sonoco Products (NYSE:SON - Get Free Report) reached a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $44.36 and last traded at $46.35, with a volume of 217840 shares. The stock had previously closed at $48.14.
The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion.
Sonoco Products Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th will be paid a dividend of $0.52 per share. The ex-dividend date is Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.44%. Sonoco Products's dividend payout ratio is currently 126.06%.
Analyst Ratings Changes
Several analysts have issued reports on SON shares. Robert W. Baird cut their price target on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a report on Monday, November 4th. 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 report on Friday. Wells Fargo & Company dropped their price target on shares of Sonoco Products from $52.00 to $50.00 and set an "underweight" rating for the company in a research report on Monday, January 6th. Citigroup dropped their target price on shares of Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, Bank of America upped their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a "buy" rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Sonoco Products has a consensus rating of "Hold" and a consensus target price of $58.83.
Check Out Our Latest Stock Report on Sonoco Products
Insider Buying and Selling at Sonoco Products
In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the business's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the sale, the director now directly owns 16,065 shares of the company's stock, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.
Institutional Trading of Sonoco Products
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Sonoco Products by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 11,128,725 shares of the industrial products company's stock worth $543,638,000 after purchasing an additional 120,843 shares during the period. Dimensional Fund Advisors LP raised its stake in Sonoco Products by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock worth $153,411,000 after buying an additional 136,965 shares in the last quarter. Earnest Partners LLC raised its stake in Sonoco Products by 0.4% in the fourth quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock worth $126,746,000 after buying an additional 10,661 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Sonoco Products by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,863,756 shares of the industrial products company's stock worth $101,842,000 after acquiring an additional 42,701 shares in the last quarter. Finally, Cooper Creek Partners Management LLC bought a new position in shares of Sonoco Products in the 4th quarter worth $78,203,000. 77.69% of the stock is currently owned by institutional investors.
Sonoco Products Price Performance
The stock's fifty day simple moving average is $48.22 and its 200 day simple moving average is $51.04. The firm has a market capitalization of $4.61 billion, a P/E ratio of 28.41, a P/E/G ratio of 0.76 and a beta of 0.67. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91.
About Sonoco Products
(
Get Free Report)
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.
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