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SON

Sonoco

$63.70

-0.38 (-0.59%)

16:58
07/17/19
07/17
16:58
07/17/19
16:58

Sonoco to terminate U.S. defined benefit pension plan for inactive participants

Sonoco announced its Board of Directors has approved the termination of the Sonoco U.S. Pension Plan for Inactive Participantseffective September 30, 2019. This action will not reduce any retirement benefits earned by the approximately 11,000 participants in the Inactive Plan. Sonoco made a contribution earlier this year, bringing the funded level of the Inactive Plan to 97%, and the remaining funding of the Inactive Plan is expected to occur by the end of 2020. In 2020, after receiving approval from the IRS and the PBGC, and following completion of the limited lump-sum offering, the company will make an additional cash contribution in order to fully fund the Inactive Plan on a plan termination basis, followed by the purchase of annuity contracts to transfer its remaining liabilities under the Inactive Plan. These additional cash contributions are expected to range between $75M and $125M. However, the actual amount of this cash contribution requirement will depend upon the nature and timing of participant settlements, as well as prevailing market conditions. In addition, the company expects to recognize non-cash pension settlement charges totaling between $525 million and $575M upon settlement of the obligations of the Inactive Plan. The termination of the Inactive Plan will apply to participants who have separated service from Sonoco and to nonunion active employees who no longer accrue pension benefits. There is no change in the benefit earned by the approximately 11,000 impacted participants as a result of these actions, and the Company will continue to manage the Sonoco Pension Plan, comprised of approximately 600 active participants who continue to earn benefits in accordance with a flat-dollar multiplier formula.

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    Jul

  • 06

    Aug

  • 17

    Oct

SON Sonoco
$63.70

-0.38 (-0.59%)

07/12/19
BOFA
07/12/19
DOWNGRADE
Target $66
BOFA
Underperform
Sonoco downgraded to Underperform at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst George Staphos downgraded Sonoco to Underperform from Neutral, stating that he expects sluggish Q2 revenue trends in the packaging and paper space and he favors a strategy of being overweight the combination of rigid packaging and some "lower quality stocks" that could benefit from an uptick in emerging markets and trade deal sentiment. Sonoco has outperformed year-to-date, noted Staphos, who fears a reversal of the downtrend in old corrugated container prices that had boosted earnings in Paper & Industrial Converted Products.
07/15/19
BMOC
07/15/19
DOWNGRADE
BMOC
Underperform
Sonoco downgraded to Underperform from Market Perform at BMO Capital
07/15/19
BMOC
07/15/19
DOWNGRADE
Target $56
BMOC
Underperform
Sonoco downgraded to Underperform from Market Perform at BMO Capital
BMO Capital analyst Mark Wilde downgraded Sonoco to Underperform and lowered his price target to $56 from $60 ahead of its earnings this week. The analyst says the the stock has run up 21% year-to-date and now trades at about 10.5-times his expected FY19 EBITDA and at 6.1% free cash flow yield, both of which are at the high end of their historical valuation ranges. Wilde further states that the company's industrial packaging markets remain weak and its recent acquisitions in thermoformed plastic packaging may be "vulnerable to environmental pressures."
07/16/19
07/16/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Home Depot (HD) downgraded to Hold from Buy at Gabelli with analyst Alvaro Lacayo citing valuation. 2. Sonoco (SON) downgraded to Underperform from Market Perform at BMO Capital with analyst Mark Wilde saying the the stock has run up 21% year-to-date and now trades at about 10.5-times his expected FY19 EBITDA and at 6.1% free cash flow yield, both of which are at the high end of their historical valuation ranges. 3. Parker-Hannifin (PH) downgraded to Sell from Neutral at Goldman Sachs with analyst Joseph Ritchie saying he shuffled his ratings in the Americas Multi-Industry ahead of the Q2 earnings season. He sees a "rocky road ahead." 4. FactSet (FDS) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst saying the company's "decelerating" earnings growth brings risk to its "full" valuation. 5. Kennametal (KMT) double downgraded to Sell from Buy at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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GME

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$NSD

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$NYE

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$0.00

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14:10
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UTX

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3.08 (2.23%)

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$141.32

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BA

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  • 22

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LLY

Eli Lilly

$109.84

1.9 (1.76%)

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FCX

Freeport McMoRan

$9.95

0.13 (1.32%)

14:05
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  • 23

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WBS

Webster Financial

$44.80

-2.51 (-5.31%)

14:01
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Downgrade
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  • 22

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WBS

Webster Financial

$44.69

-2.62 (-5.54%)

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  • 22

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SYMC

Symantec

$23.19

0.11 (0.48%)

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LYFT

Lyft

$44.73

3.87 (9.47%)

, UBER

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$33.79

2.375 (7.56%)

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FEYE

FireEye

$15.67

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MCD

McDonald's

$201.55

-8.295 (-3.95%)

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  • 22

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PRGS

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$39.56

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BIIB

Biogen

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  • 22

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JBHT

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  • 24

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BA

Boeing

$338.95

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TMO

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LLY

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CAT

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ANTM

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BX

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BSX

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GD

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NSC

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HLT

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FCX

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IVZ

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OC

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SGMS

Scientific Games

$23.49

0.745 (3.28%)

, IGT

International Game

$14.11

0.34 (2.47%)

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Scientific Games, International Game analyst commentary  »

Brazil win potentially…

SGMS

Scientific Games

$23.49

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IGT

International Game

$14.11

0.34 (2.47%)

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XLNX

Xilinx

$95.93

0.84 (0.88%)

13:33
10/22/19
10/22
13:33
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Upgrade
Xilinx rating change  »

Xilinx upgraded to Buy…

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  • 23

    Oct

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    Nov

TXN

Texas Instruments

$129.82

-1.11 (-0.85%)

, DFS

Discover

$81.61

1.16 (1.44%)

13:33
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Earnings
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TXN

Texas Instruments

$129.82

-1.11 (-0.85%)

DFS

Discover

$81.61

1.16 (1.44%)

CMG

Chipotle

$832.60

-19.28 (-2.26%)

SNAP

Snap

$14.10

-0.48 (-3.29%)

TER

Teradyne

$59.18

-0.89 (-1.48%)

WHR

Whirlpool

$161.17

0.63 (0.39%)

SKX

Skechers

$37.97

0.49 (1.31%)

SIX

Six Flags

$51.41

-0.43 (-0.83%)

NAVI

Navient

$12.09

0.12 (1.00%)

IRBT

iRobot

$55.39

-0.31 (-0.56%)

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