Wall Street Zen upgraded shares of Packaging Corporation of America (NYSE:PKG – Free Report) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.
Several other equities analysts also recently commented on PKG. Truist Financial reiterated a “buy” rating and set a $294.00 price target (up from $280.00) on shares of Packaging Corporation of America in a report on Friday, October 23rd. Citigroup raised their price objective on shares of Packaging Corporation of America from $253.00 to $262.00 and gave the stock a “neutral” rating in a research note on Monday, October 26th. Wells Fargo & Company dropped their target price on Packaging Corporation of America from $246.00 to $245.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 7th. JPMorgan Chase & Co. upped their target price on Packaging Corporation of America from $320.00 to $322.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Finally, Weiss Ratings upgraded Packaging Corporation of America from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $275.43.
Packaging Corporation of America Stock Up 0.3%
NYSE PKG opened at $249.51 on Friday. The company has a quick ratio of 1.86, a current ratio of 2.94 and a debt-to-equity ratio of 0.85. The company has a fifty day moving average of $238.15 and a two-hundred day moving average of $230.33. The firm has a market capitalization of $22.23 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 1.88 and a beta of 0.76. Packaging Corporation of America has a 52 week low of $191.50 and a 52 week high of $262.59.
Packaging Corporation of America (NYSE:PKG – Get Free Report) last announced its earnings results on Wednesday, October 21st. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.11. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.61 billion. Packaging Corporation of America had a net margin of 7.40% and a return on equity of 19.63%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.73 earnings per share. On average, analysts predict that Packaging Corporation of America will post 10.56 earnings per share for the current year.
Packaging Corporation of America Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were issued a $1.50 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.4%. Packaging Corporation of America’s dividend payout ratio is presently 73.89%.
Insider Activity at Packaging Corporation of America
In related news, VP Donald Shirley sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $250.71, for a total value of $3,008,520.00. Following the transaction, the vice president owned 19,110 shares of the company’s stock, valued at $4,791,068.10. This trade represents a 38.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.
Hedge Funds Weigh In On Packaging Corporation of America
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Packaging Corporation of America during the second quarter worth $1,837,506,000. Bank of New York Mellon Corp purchased a new position in shares of Packaging Corporation of America in the second quarter worth about $748,095,000. Bank of America Corp DE purchased a new stake in Packaging Corporation of America in the second quarter valued at approximately $379,568,000. Atlas FRM LLC purchased a new stake in Packaging Corporation of America in the second quarter valued at approximately $365,164,100. Finally, Aberdeen Group plc boosted its position in Packaging Corporation of America by 1,620.8% in the third quarter. Aberdeen Group plc now owns 734,812 shares of the industrial products company’s stock valued at $168,463,000 after buying an additional 692,111 shares during the last quarter. 89.78% of the stock is currently owned by institutional investors.
Packaging Corporation of America Company Profile
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