Sonoco Products Co (NYSE:SON) declared a quarterly dividend on Monday, July 15th, RTT News reports. Investors of record on Friday, August 9th will be paid a dividend of 0.43 per share by the industrial products company on Tuesday, September 10th. This represents a $1.72 annualized dividend and a yield of 2.69%.
Sonoco Products has raised its dividend by an average of 5.7% per year over the last three years and has raised its dividend every year for the last 38 years. Sonoco Products has a dividend payout ratio of 51.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Sonoco Products to earn $3.70 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 46.5%.
Shares of Sonoco Products stock traded down $0.26 during trading hours on Wednesday, hitting $63.90. The company’s stock had a trading volume of 11,927 shares, compared to its average volume of 360,912. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.91 and a current ratio of 1.36. The company has a market cap of $6.45 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 3.85 and a beta of 0.94. Sonoco Products has a twelve month low of $50.30 and a twelve month high of $66.57. The company’s fifty day simple moving average is $64.80.
In other Sonoco Products news, SVP R. Howard Coker sold 6,484 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $61.94, for a total value of $401,618.96. Following the completion of the sale, the senior vice president now owns 215,108 shares of the company’s stock, valued at approximately $13,323,789.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Roger P. Schrum sold 812 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $62.25, for a total transaction of $50,547.00. Following the completion of the transaction, the vice president now owns 7,938 shares of the company’s stock, valued at $494,140.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,381 shares of company stock worth $758,537. 1.30% of the stock is currently owned by company insiders.
A number of brokerages have recently issued reports on SON. ValuEngine raised YY from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Bank of America set a $80.00 price objective on Colgate-Palmolive and gave the stock a “buy” rating in a research report on Friday, July 12th. Goldman Sachs Group downgraded Metcash from a “conviction-buy” rating to a “neutral” rating in a research report on Monday, June 24th. BMO Capital Markets downgraded Sonoco Products from a “market perform” rating to an “underperform” rating and cut their target price for the stock from $60.00 to $56.00 in a research report on Monday. Finally, KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a report on Sunday, April 21st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $58.86.
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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