|Over a week ago|
Sonoco downgraded to Hold from Buy at Argus » 07:3108/0408/04/20
Argus analyst David…
Argus analyst David Coleman downgraded Sonoco to Hold from Buy. The company's Q2 results topped expectations as increased sales from acquisitions offset lower volume/mix, the impact of a stronger U.S. dollar, and reduced selling prices, the analyst tells investors in a research note. Coleman continues to project FY20 EPS view of $3.26, which implies a decline of 8% from last year, and also lowers his FY21 view by 8c to $3.50 even though he expects Sonoco's growth to return next year. At its current price, the stock appears to be "fully valued", Coleman writes.
Sonoco downgraded to Hold from Buy at Argus » 07:2108/0408/04/20
Argus analyst David…
Argus analyst David Coleman downgraded Sonoco to Hold from Buy with a $52 price target.
Sonoco acquires Can Packaging for approximately $49M » 06:5708/0308/03/20
Sonoco announced it has…
Sonoco announced it has acquired Can Packaging, a privately owned designer and manufacturer of sustainable paper packaging and related manufacturing equipment, based in Habsheim, France, for total consideration of approximately $49M. Founded by George Sireix in 1989, Can Packaging operates two paper can manufacturing facilities in France along with a research and development center where it designs and builds patented packaging machines and sealing equipment. Can Packaging is projected to produce sales of approximately $27M in 2020 and provides sustainable paperboard packaging to a number of large consumer food brands distributed across Europe. The business has approximately 60 associates.
Sonoco sees Q3 base EPS 73c-83c, consensus 81c 06:4607/1607/16/20
Sonoco reports Q2 base EPS 79c, consensus 78c » 06:4507/1607/16/20
Reports Q2 revenue…
Reports Q2 revenue $1.25B, consensus $1.32B.
|Over a month ago|
Sonoco says its Tube & Core unit implementing scrap return subscription service » 16:0906/1006/10/20
Sonoco announced its Tube…
Sonoco announced its Tube & Core North America division will implement a tube and core scrap return subscription service, effective July 1.The subscription service is voluntary and will only be in effect if a customer chooses to return scrap tubes and cores to a Sonoco supplying facility. For many years, Sonoco offered this service at no cost to customers, however fluctuations in the value of the returned materials, along with the rising costs of labor, freight and other processing costs, required leadership to review this valuable offering. "Due to the recent experience with OCC volatility, Sonoco discovered that the value of our OCC bales was well below the processing costs associated with it," said Mike Thompson, Director - Sales & Marketing, Tubes and Cores - US/ Canada. "Sonoco, along with many other recyclers, has determined the necessity to set a protocol to manage costs with such a volatile commodity moving forward." When OCC is at or above $90 per ton, Sonoco will continue to offer a core scrap return program with no fees. However, when OCC values drop below $90/ton (RISI's - Southeast Region - High), a fee of $95 will be added to each invoice for new tube and core shipments. At the point when OCC again increases over the threshold of $90 per ton, the service fee will be removed.
Sonoco upgraded to Overweight on favorable price/cost at Wells Fargo » 05:5605/2105/21/20
Wells Fargo analyst Gabe…
Wells Fargo analyst Gabe Hajde upgraded Sonoco Products to Overweight from Equal Weight with a price target of $60, up from $48. The analyst sees favorable price/cost factors in the second half of 2020. Further, Sonoco's Consumer Packaging business is benefiting from COVID-19 and it has a strong balance sheet, liquidity position and free cash flow profile, Hajde tells investors in a research note.
Sonoco upgraded to Overweight from Equal Weight at Wells Fargo » 04:4205/2105/21/20
Wells Fargo analyst Gabe…
Wells Fargo analyst Gabe Hajde upgraded Sonoco to Overweight from Equal Weight with a $60 price target.
Goldman Sachs to hold a virtual conference » 08:1505/1405/14/20
DD, MMM, GFL, DOW, SHW, IP, HUN, SEE, LMT, ODFL, IR, WM, SON, SWK, AXTA, CE, KTOS, ITT, PPG
Industrials & Materials Virtual Conference will be held on May 13-15 with webcasted company presentations to begin on May 14 at 8 am. Webcast Link
|Over a quarter ago|
Wells Fargo to hold a virtual conference » 07:5505/0605/06/20
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Virtual Industrials Conference will be held on May 5-6. Webcast Link