Packaging Co. of America (NYSE:PKG) Price Target Raised to $253.00

Packaging Co. of America (NYSE:PKG) had its price target lifted by Wells Fargo & Company from $235.00 to $253.00 in a report released on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

Several other brokerages have also recently commented on PKG. Truist Financial raised their price objective on shares of Packaging Co. of America from $219.00 to $242.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Citigroup raised their price objective on shares of Packaging Co. of America from $199.00 to $221.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $221.60.

Packaging Co. of America Trading Down 0.7 %

Shares of Packaging Co. of America stock opened at $225.86 on Thursday. Packaging Co. of America has a 1 year low of $148.50 and a 1 year high of $231.30. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.71 and a current ratio of 2.43. The company has a market capitalization of $20.28 billion, a P/E ratio of 28.23, a PEG ratio of 4.24 and a beta of 0.77. The company’s fifty day moving average is $212.04 and its two-hundred day moving average is $194.21.

Packaging Co. of America (NYSE:PKG) last issued its earnings results on Tuesday, October 22nd. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.15. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.09 billion. Packaging Co. of America had a net margin of 9.46% and a return on equity of 19.35%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.05 earnings per share. Analysts forecast that Packaging Co. of America will post 8.77 earnings per share for the current year.

Packaging Co. of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, October 15th were issued a $1.25 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $5.00 annualized dividend and a yield of 2.21%. Packaging Co. of America’s dividend payout ratio is presently 62.50%.

Institutional Trading of Packaging Co. of America

Several institutional investors have recently added to or reduced their stakes in PKG. CANADA LIFE ASSURANCE Co grew its position in shares of Packaging Co. of America by 4.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 70,689 shares of the industrial products company’s stock worth $13,419,000 after acquiring an additional 3,078 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Packaging Co. of America by 30.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,686 shares of the industrial products company’s stock worth $17,168,000 after purchasing an additional 21,143 shares in the last quarter. Summit Financial Strategies Inc. lifted its position in shares of Packaging Co. of America by 5.5% in the second quarter. Summit Financial Strategies Inc. now owns 234,495 shares of the industrial products company’s stock worth $42,809,000 after purchasing an additional 12,129 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Packaging Co. of America by 6.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 224,273 shares of the industrial products company’s stock worth $41,839,000 after buying an additional 14,277 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in Packaging Co. of America by 10.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 108,959 shares of the industrial products company’s stock worth $20,678,000 after buying an additional 10,516 shares during the last quarter. 89.78% of the stock is owned by institutional investors and hedge funds.

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.