KeyBanc analyst Adam Josephson reiterated a Hold rating on Sonoco Products (NYSE: SON) today. The company’s shares opened today at $55.05.
Josephson 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.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 7.7% and a 66.2% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
Currently, the analyst consensus on Sonoco Products is a Hold with an average price target of $57.
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Based on Sonoco Products’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $89.41 million. In comparison, last year the company had a net profit of $72.81 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock.
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Sonoco Products Co. engages in the manufacture of industrial and consumer packaging products and provides packaging services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions.
