Packaging Co. of America (NYSE:PKG) Downgraded by StockNews.com to “Hold”

by · The Markets Daily

StockNews.com lowered shares of Packaging Co. of America (NYSE:PKG – Free Report) from a buy rating to a hold rating in a research note issued to investors on Saturday.

Several other equities analysts also recently commented on PKG. Bank of America upped their price objective on shares of Packaging Co. of America from $197.00 to $200.00 and gave the company a buy rating in a report on Monday, June 17th. Citigroup upped their price objective on shares of Packaging Co. of America from $181.00 to $187.00 and gave the company a neutral rating in a report on Monday, July 8th. Truist Financial upped their price objective on shares of Packaging Co. of America from $215.00 to $219.00 and gave the company a buy rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company upped their price objective on shares of Packaging Co. of America from $194.00 to $215.00 and gave the company an overweight rating in a report on Thursday, July 25th. Five investment 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 currently has a consensus rating of Hold and a consensus target price of $190.50.

View Our Latest Stock Report on PKG

Packaging Co. of America Price Performance

Shares of PKG opened at $215.35 on Friday. The company has a market cap of $19.34 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 4.23 and a beta of 0.77. Packaging Co. of America has a 1-year low of $143.82 and a 1-year high of $217.69. The company’s fifty day simple moving average is $203.76 and its 200 day simple moving average is $190.25. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.60.

Packaging Co. of America (NYSE:PKG – Get Free Report) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $2.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.06. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. Packaging Co. of America had a net margin of 9.06% and a return on equity of 18.21%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.31 earnings per share. On average, research analysts forecast that Packaging Co. of America will post 8.72 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be given a $1.25 dividend. The ex-dividend date is Monday, September 16th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.32%. Packaging Co. of America’s payout ratio is presently 62.50%.

Insider Activity

In other news, SVP Donald R. Shirley sold 6,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total value of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Donald R. Shirley sold 6,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $196.28, for a total transaction of $1,177,680.00. Following the completion of the sale, the senior vice president now owns 20,772 shares of the company’s stock, valued at $4,077,128.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Charles J. Carter sold 5,389 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $196.28, for a total transaction of $1,057,752.92. Following the sale, the executive vice president now directly owns 25,539 shares of the company’s stock, valued at approximately $5,012,794.92. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Packaging Co. of America

Several institutional investors and hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. lifted its position in Packaging Co. of America by 329.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 464 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 356 shares during the period. Cim LLC lifted its holdings in shares of Packaging Co. of America by 4.1% in the second quarter. Cim LLC now owns 11,975 shares of the industrial products company’s stock worth $2,186,000 after acquiring an additional 467 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Packaging Co. of America in the second quarter worth about $2,994,000. Cetera Investment Advisers lifted its holdings in shares of Packaging Co. of America by 1.8% in the second quarter. Cetera Investment Advisers now owns 19,458 shares of the industrial products company’s stock worth $3,552,000 after acquiring an additional 349 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Packaging Co. of America by 1.4% in the second quarter. Truist Financial Corp now owns 24,079 shares of the industrial products company’s stock worth $4,396,000 after acquiring an additional 341 shares during the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Company Profile

(Get Free Report)

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.

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