Sonoco Products’ (SON) Hold Rating Reiterated at KeyCorp
Sonoco Products (NYSE:SON)‘s stock had its “hold” rating restated by equities researchers at KeyCorp in a report issued on Thursday.
The analysts wrote, “We are slightly reducing our 2018 adj. EPS estimate to $3.34 from $3.37 (at the high end of guidance of $3.28-$3.34), though slightly increasing our 2019 estimate to $3.46 from $3.43 (below consensus of $3.52). Our 2018 estimate is coming down to reflect the consumer segment weakness, while our 2019 estimate is going up to reflect a benefit from the recent Conitex acquisition. Our revised estimates imply flat adj. EBIT in 2019, which we consider appropriate given how historically high its industrial segment margins already are and given the recent struggles of its consumer segment.””
Several other equities analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Thursday. Barclays raised their price target on shares of Sonoco Products from $55.00 to $58.00 and gave the stock a “$56.02” rating in a research note on Monday, July 23rd. Finally, DA Davidson raised their price target on shares of Sonoco Products to $57.00 and gave the stock a “neutral” rating in a research note on Friday, July 20th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Sonoco Products currently has an average rating of “Hold” and an average price target of $59.00.
Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Thursday, October 18th. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Sonoco Products had a net margin of 4.57% and a return on equity of 18.01%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $0.76 EPS. As a group, sell-side analysts expect that Sonoco Products will post 3.31 earnings per share for the current year.
In other news, SVP Rodger D. Fuller sold 1,884 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $55.70, for a total value of $104,938.80. Following the completion of the sale, the senior vice president now owns 82,174 shares of the company’s stock, valued at approximately $4,577,091.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Barry L. Saunders sold 6,580 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $55.85, for a total value of $367,493.00. Following the completion of the sale, the chief financial officer now directly owns 91,181 shares of the company’s stock, valued at approximately $5,092,458.85. The disclosure for this sale can be found here. In the last three months, insiders sold 9,602 shares of company stock valued at $536,285. 1.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vident Investment Advisory LLC lifted its holdings in Sonoco Products by 4.2% during the 2nd quarter. Vident Investment Advisory LLC now owns 24,019 shares of the industrial products company’s stock valued at $1,261,000 after purchasing an additional 968 shares during the last quarter. LPL Financial LLC lifted its holdings in Sonoco Products by 4.3% during the 1st quarter. LPL Financial LLC now owns 25,470 shares of the industrial products company’s stock valued at $1,235,000 after purchasing an additional 1,055 shares during the last quarter. Bank of Montreal Can lifted its holdings in Sonoco Products by 9.8% during the 2nd quarter. Bank of Montreal Can now owns 12,473 shares of the industrial products company’s stock valued at $655,000 after purchasing an additional 1,111 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Sonoco Products by 3.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 38,408 shares of the industrial products company’s stock valued at $2,016,000 after purchasing an additional 1,120 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in Sonoco Products by 0.7% during the 2nd quarter. American International Group Inc. now owns 200,361 shares of the industrial products company’s stock valued at $10,519,000 after purchasing an additional 1,367 shares during the last quarter. 70.53% of the stock is owned by institutional investors.
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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