Sonoco Products’ (SON) Hold Rating Reiterated at KeyCorp
Sonoco Products (NYSE:SON)‘s stock had its “hold” rating reaffirmed by equities researchers at KeyCorp in a research report issued on Sunday, AnalystRatings.com reports.
The analysts wrote, “We don’t expect too many other covered companies to be in a position to raise guidance this year as SON just did, other than the possible exception of Berry Global (BERY) because of resin cost benefits. We are raising our 2019 adj. EPS estimate from $3.50 to $3.57 (at the midpoint of just- raised guidance of $3.52-$3.62) and our 2020 estimate from $3.50 to $3.57 (consensus is $3.69), both on higher margins. We reiterate our SW rating on valuation; SON is trading well above its historical averages on P/E and EV/EBITDA.””
SON has been the subject of a number of other research reports. Wells Fargo & Co reiterated a “hold” rating on shares of Sonoco Products in a research report on Thursday, February 14th. Zacks Investment Research reiterated a “hold” rating and issued a $56.00 price target on shares of Sonoco Products in a research report on Monday, December 31st. Finally, Vertical Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $56.50.
Sonoco Products (NYSE:SON) last released its earnings results on Thursday, April 18th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. Sonoco Products had a return on equity of 18.94% and a net margin of 5.82%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the company earned $0.74 earnings per share. Sonoco Products’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Sonoco Products will post 3.52 earnings per share for the current fiscal year.
In other Sonoco Products news, SVP R. Howard Coker sold 6,474 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $59.78, for a total transaction of $387,015.72. Following the completion of the sale, the senior vice president now directly owns 212,341 shares in the company, valued at approximately $12,693,744.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kevin P. Mahoney sold 1,119 shares of the firm’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $59.57, for a total value of $66,658.83. Following the sale, the senior vice president now owns 2,295 shares of the company’s stock, valued at $136,713.15. The disclosure for this sale can be found here. Insiders sold a total of 20,829 shares of company stock valued at $1,245,466 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hirtle Callaghan & Co LLC acquired a new stake in Sonoco Products during the 4th quarter worth about $35,000. Oregon Public Employees Retirement Fund boosted its position in Sonoco Products by 5,213.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,066,704 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 2,027,805 shares during the period. Tributary Capital Management LLC acquired a new stake in Sonoco Products during the 4th quarter worth about $46,000. Flagship Harbor Advisors LLC boosted its position in Sonoco Products by 54.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 966 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 339 shares during the period. Finally, Rehmann Capital Advisory Group boosted its position in Sonoco Products by 40.5% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,137 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 328 shares during the period. Hedge funds and other institutional investors own 74.49% of the company’s stock.
Sonoco Products Company Profile
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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