Sonoco Products Co (NYSE:SON) – Investment analysts at KeyCorp raised their FY2017 earnings per share (EPS) estimates for shares of Sonoco Products in a research note issued to investors on Sunday. KeyCorp analyst A. Josephson now expects that the industrial products company will post earnings per share of $2.81 for the year, up from their prior estimate of $2.79. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Sonoco Products’ Q4 2017 earnings at $0.74 EPS and FY2018 earnings at $3.04 EPS.
Other equities analysts have also issued research reports about the stock. Robert W. Baird reiterated a “buy” rating and set a $60.00 price target on shares of Sonoco Products in a report on Friday, November 10th. Zacks Investment Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Barclays lifted their price target on shares of Sonoco Products from $48.00 to $49.00 and gave the stock an “underweight” rating in a report on Friday, October 20th. Bank of America upgraded shares of Sonoco Products from an “underperform” rating to a “buy” rating and set a $56.00 price target on the stock in a report on Wednesday, September 6th. Finally, Jefferies Group reiterated a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a report on Thursday, September 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Sonoco Products currently has an average rating of “Hold” and a consensus price target of $52.00.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 19th. The industrial products company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. Sonoco Products’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 10th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.56 annualized dividend and a yield of 2.83%. Sonoco Products’s payout ratio is 57.35%.
In related news, VP Marcy J. Thompson sold 565 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $51.00, for a total value of $28,815.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the completion of the transaction, the senior vice president now owns 33,998 shares in the company, valued at approximately $1,801,894. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,937 shares of company stock worth $363,088. 1.90% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Commerce Bank raised its holdings in shares of Sonoco Products by 3.4% during the second quarter. Commerce Bank now owns 75,530 shares of the industrial products company’s stock valued at $3,884,000 after purchasing an additional 2,493 shares during the period. Evanston Investments Inc. dba Evanston Advisors raised its holdings in shares of Sonoco Products by 6.4% during the second quarter. Evanston Investments Inc. dba Evanston Advisors now owns 144,348 shares of the industrial products company’s stock valued at $7,422,000 after purchasing an additional 8,715 shares during the period. Clinton Group Inc. raised its holdings in shares of Sonoco Products by 544.5% during the second quarter. Clinton Group Inc. now owns 25,356 shares of the industrial products company’s stock valued at $1,304,000 after purchasing an additional 21,422 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Sonoco Products by 1.0% during the second quarter. Teacher Retirement System of Texas now owns 7,952 shares of the industrial products company’s stock valued at $409,000 after purchasing an additional 76 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Sonoco Products by 3.7% during the second quarter. Principal Financial Group Inc. now owns 422,706 shares of the industrial products company’s stock valued at $21,735,000 after purchasing an additional 15,056 shares during the period. Institutional investors and hedge funds own 72.27% of the company’s stock.
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Sonoco Products Company Profile
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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