Packaging Co. of America (NYSE:PKG) Announces Earnings Results

Packaging Co. of America (NYSE:PKG) posted its quarterly earnings results on Monday. The industrial products company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.09, Briefing.com reports. The company had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.91 billion. Packaging Co. of America had a net margin of 9.25% and a return on equity of 18.94%. Packaging Co. of America’s revenue was up .2% on a year-over-year basis. During the same quarter last year, the firm posted $2.20 earnings per share. Packaging Co. of America updated its Q2 guidance to $2.07 EPS and its Q2 2024 guidance to 2.070-2.070 EPS.

Packaging Co. of America Trading Up 1.8 %

NYSE PKG opened at $173.92 on Thursday. Packaging Co. of America has a one year low of $122.20 and a one year high of $191.27. The company has a 50-day simple moving average of $181.56 and a 200-day simple moving average of $168.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.77 and a current ratio of 2.57. The firm has a market capitalization of $15.61 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 4.15 and a beta of 0.78.

Packaging Co. of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Thursday, March 14th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 62.50%.

Analyst Ratings Changes

PKG has been the topic of a number of recent analyst reports. Truist Financial increased their price target on shares of Packaging Co. of America from $170.00 to $187.00 and gave the stock a “buy” rating in a research note on Thursday, January 4th. Seaport Res Ptn lowered shares of Packaging Co. of America from a “buy” rating to a “neutral” rating in a research report on Monday, January 29th. StockNews.com lowered shares of Packaging Co. of America from a “buy” rating to a “hold” rating in a research report on Friday, April 19th. BNP Paribas lowered shares of Packaging Co. of America from an “outperform” rating to a “neutral” rating and set a $182.00 price objective for the company. in a research report on Friday, April 12th. Finally, Bank of America raised shares of Packaging Co. of America from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $172.00 to $202.00 in a research report on Monday, March 4th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $173.86.

Insider Activity

In other news, CFO Robert P. Mundy sold 10,000 shares of Packaging Co. of America stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total value of $1,825,100.00. Following the completion of the transaction, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at approximately $8,478,319.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Packaging Co. of America news, VP Thomas A. Hassfurther sold 14,191 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $173.80, for a total transaction of $2,466,395.80. Following the completion of the transaction, the vice president now directly owns 183,930 shares of the company’s stock, valued at approximately $31,967,034. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert P. Mundy sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $182.51, for a total transaction of $1,825,100.00. Following the transaction, the chief financial officer now directly owns 46,454 shares of the company’s stock, valued at $8,478,319.54. The disclosure for this sale can be found here. In the last three months, insiders sold 38,041 shares of company stock valued at $6,799,177. Company insiders own 1.60% of the company’s stock.

About Packaging Co. of America

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products in the United States. The company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers various containerboard and corrugated packaging products, such as conventional shipping containers used to protect and transport manufactured goods; multi-color boxes and displays that help to merchandise the packaged product in retail locations; and honeycomb protective packaging products, as well as packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products.