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

StockNews.com downgraded shares of Packaging Co. of America (NYSE:PKG) from a buy rating to a hold rating in a research note released on Friday.

Several other equities research analysts also recently weighed in on the company. Citigroup increased their price target on Packaging Co. of America from $199.00 to $221.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Truist Financial reissued a “buy” rating and set a $252.00 price target (up previously from $242.00) on shares of Packaging Co. of America in a research note on Thursday, October 24th. Finally, Wells Fargo & Company raised their target price on shares of Packaging Co. of America from $235.00 to $253.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $221.60.

Packaging Co. of America Price Performance

NYSE PKG traded up $1.05 during trading hours on Friday, hitting $229.99. 826,461 shares of the company’s stock traded hands, compared to its average volume of 600,453. Packaging Co. of America has a 52-week low of $148.50 and a 52-week high of $232.98. The company has a market capitalization of $20.66 billion, a PE ratio of 26.81, a PEG ratio of 3.24 and a beta of 0.77. The firm’s 50-day moving average is $214.85 and its 200-day moving average is $195.67. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.43 and a quick ratio of 1.71.

Packaging Co. of America (NYSE:PKG) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.09 billion. Packaging Co. of America had a return on equity of 19.35% and a net margin of 9.46%. The company’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share. Equities analysts forecast that Packaging Co. of America will post 9 EPS for the current fiscal year.

Packaging Co. of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, October 15th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend was Monday, September 16th. Packaging Co. of America’s dividend payout ratio (DPR) is presently 58.28%.

Institutional Investors Weigh In On Packaging Co. of America

Several institutional investors and hedge funds have recently bought and sold shares of PKG. Boston Partners lifted its stake in shares of Packaging Co. of America by 49.3% in the 1st quarter. Boston Partners now owns 1,446,303 shares of the industrial products company’s stock valued at $274,421,000 after purchasing an additional 477,487 shares during the period. Millennium Management LLC raised its holdings in shares of Packaging Co. of America by 34.3% during the second quarter. Millennium Management LLC now owns 1,027,585 shares of the industrial products company’s stock worth $187,596,000 after acquiring an additional 262,315 shares during the period. AQR Capital Management LLC lifted its position in Packaging Co. of America by 164.3% in the 2nd quarter. AQR Capital Management LLC now owns 401,360 shares of the industrial products company’s stock valued at $73,272,000 after acquiring an additional 249,483 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of Packaging Co. of America by 41,151.7% in the 3rd quarter. International Assets Investment Management LLC now owns 155,519 shares of the industrial products company’s stock valued at $33,499,000 after purchasing an additional 155,142 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Packaging Co. of America by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,153,732 shares of the industrial products company’s stock valued at $210,636,000 after purchasing an additional 86,005 shares in the last quarter. Institutional investors own 89.78% of the company’s stock.

Packaging Co. of America Company Profile

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.