Packaging Co. of America (NYSE:PKG – Get Rating) updated its third quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $2.80-$2.80 for the period, compared to the consensus earnings per share estimate of $3.13. The company issued revenue guidance of -.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on PKG. Truist Financial upped their target price on shares of Packaging Co. of America from $170.00 to $182.00 in a research report on Wednesday, April 27th. StockNews.com started coverage on shares of Packaging Co. of America in a research note on Thursday, March 31st. They set a buy rating on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Packaging Co. of America from $158.00 to $144.00 in a research note on Tuesday, July 19th. Wells Fargo & Company reduced their target price on shares of Packaging Co. of America from $162.00 to $154.00 and set an equal weight rating on the stock in a research note on Monday, July 18th. Finally, Argus upped their price target on shares of Packaging Co. of America from $160.00 to $176.00 in a report on Friday, April 29th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $158.71.
Packaging Co. of America Stock Up 1.6 %
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Shares of NYSE:PKG traded up $2.31 during trading on Monday, reaching $143.91. The stock had a trading volume of 1,010,038 shares, compared to its average volume of 682,683. The company has a market capitalization of $13.48 billion, a P/E ratio of 14.48, a PEG ratio of 2.44 and a beta of 0.80. The company has a current ratio of 2.96, a quick ratio of 1.99 and a debt-to-equity ratio of 0.66. The firm’s 50-day simple moving average is $146.11 and its 200 day simple moving average is $149.34. Packaging Co. of America has a one year low of $124.78 and a one year high of $168.50.
Packaging Co. of America (NYSE:PKG – Get Rating) last announced its quarterly earnings data on Monday, April 25th. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.53 by $0.19. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.05 billion. Packaging Co. of America had a net margin of 11.50% and a return on equity of 27.11%. Packaging Co. of America’s revenue was up 18.2% on a year-over-year basis. During the same period last year, the firm posted $1.77 EPS. As a group, research analysts expect that Packaging Co. of America will post 11.62 EPS for the current fiscal year.
Packaging Co. of America Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Wednesday, June 15th were given a $1.25 dividend. This is a positive change from Packaging Co. of America’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Tuesday, June 14th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 51.12%.
Insider Activity at Packaging Co. of America
In related news, CFO Robert P. Mundy sold 13,800 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $160.30, for a total value of $2,212,140.00. Following the completion of the transaction, the chief financial officer now directly owns 38,799 shares of the company’s stock, valued at approximately $6,219,479.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Packaging Co. of America news, CFO Robert P. Mundy sold 13,800 shares of the firm’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $160.30, for a total transaction of $2,212,140.00. Following the completion of the transaction, the chief financial officer now directly owns 38,799 shares of the company’s stock, valued at approximately $6,219,479.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles J. Carter sold 7,347 shares of the firm’s stock in a transaction that occurred on Wednesday, April 27th. The stock was sold at an average price of $163.00, for a total transaction of $1,197,561.00. Following the transaction, the executive vice president now directly owns 23,996 shares of the company’s stock, valued at $3,911,348. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Packaging Co. of America
A number of institutional investors have recently bought and sold shares of PKG. Invesco Ltd. raised its position in Packaging Co. of America by 30.1% during the 1st quarter. Invesco Ltd. now owns 1,201,621 shares of the industrial products company’s stock worth $187,586,000 after buying an additional 278,124 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Packaging Co. of America by 79.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 594,179 shares of the industrial products company’s stock valued at $92,757,000 after purchasing an additional 262,314 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Packaging Co. of America by 122.4% during the 1st quarter. Renaissance Technologies LLC now owns 319,800 shares of the industrial products company’s stock valued at $49,924,000 after purchasing an additional 176,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Packaging Co. of America by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 12,047,771 shares of the industrial products company’s stock valued at $1,880,777,000 after purchasing an additional 161,559 shares in the last quarter. Finally, Eaton Vance Management increased its holdings in shares of Packaging Co. of America by 17.9% during the 1st quarter. Eaton Vance Management now owns 1,009,833 shares of the industrial products company’s stock valued at $157,645,000 after purchasing an additional 153,155 shares in the last quarter. 91.01% of the stock is owned by hedge funds and other institutional investors.
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 Packaging and Paper segments. 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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